Bolormaa Amgaabazar

Prime Minister Shehbaz Sharif orders a review of the World Bank's fiscal federalism report in Pakistan.

The World Bank urged Pakistan to revise its National Finance Commission Award by replacing population-based resource distribution with a fiscal equalisation model based on spending needs and revenue capacity, while unifying fragmented GST collection to strengthen provincial finances and address structural deficits.

Pakistan's Finance Minister Muhammad Aurangzeb met with the World Bank Country Director to strengthen collaboration on structural economic reforms, including tax administration transformation, debt management, private sector development, and export-oriented growth initiatives.

Prime Minister Shehbaz Sharif established a high-level committee to review the World Bank's fiscal federalism report, consulting provinces and stakeholders to propose implementable reforms strengthening Pakistan's federal structure and economic governance.

The World Bank approved $70 million for Connected Punjab to expand broadband access to 2.1 million additional people, enhance digital public services reaching 28.9 million, and promote cashless transactions across Pakistan's Punjab province.

Pakistan's Finance Minister Muhammad Aurangzeb met the World Bank's Country Director to discuss ongoing economic reforms, praising the institution's engagement in public financial management, debt management, and private sector development initiatives.

The World Bank approved $375.9 million for Pakistan's Grid Stability Enhancement Project to modernize transmission infrastructure, integrate 640MW of wind energy, and support the country's goal of achieving 60% renewable energy by 2030.

Finance Minister Muhammad Aurangzeb told the World Bank that Pakistan must upskill its workforce and improve youth employability through reforms in skills, health, education, and social protection to drive economic transformation and capitalize on its large young population.