Martin Raiser, the World Bank’s Regional Vice President for South Asia, mentioned the financial institution plans to present up to $1.7 billion in flood-related assistance via current and upcoming tasks.
On Thursday [September 22]Martin Raiser led a delegation to meet with Federal Minister of Power Engr Khurram Dastgir Khan in Islamabad.
The minister knowledgeable the WB’s vp about Pakistan’s unprecedented flood destruction. He briefed the World Bank delegation on the devastation and folks’s financial distress.
The energy minister additional highlighted how the untiring efforts of his ministry and the federal government of Pakistan helped restore electrical energy in a lot of the flood-affected areas.
The minister assured the World Bank that the current authorities is dedicated to reforming the vitality sector and rising the recoveries whereas additionally bridging the inefficiencies.
Martin expressed his deep remorse for the catastrophic floods and said that the aim of his go to was to consider the state of affairs on the bottom.
He additional remarked that the World Bank has an enormous portfolio in Pakistan. He mentioned this could possibly be in the type of strengthening social safety programmes, new emergency operations to assist rehabilitate and long-term resilience efforts.
According to the WB official, Pakistan has one of many largest vitality portfolios of the World Bank. He added that Pakistan’s coverage shift towards renewables is a step in the fitting course. He mentioned it is a nice alternative for Pakistan to shift its vitality matrix to renewables.
The WB official counseled the minister for taking the fitting steps in phrases of tariff changes whatever the political price, because the vitality sector is macro-critical for the nation’s fiscal stability.
The World Bank delegation included Najy Benhassine, Country Director, Mr. Gailius J. Draugelis, Operations Manager, Ms. Teuta Kacaniku, Program Leader, Mr. Zeeshan Ahmed Sheikh, IFC Country Manager; and Ms. Ewa Sobczynska, Special Assistant to Vice President.