Islamabad, Pakistan (CU)_ According to Martin Raiser, Regional Vice President for South Asia at the World Bank, the bank aims to contribute up to $1.7 billion in flood-related assistance through ongoing and new programs. Martin Raiser led a high-level delegation and met with Federal Minister of Power Engr Khurram Dastgir Khan in Islamabad on Thursday.
The Minister briefed the Vice President of the World Bank about the disastrous flood damage in Pakistan. He explained to the World Bank group about the destruction and economic distress of the people. The energy Minister elaborated on how the continuous efforts of his ministry and the Pakistani government helped resume electricity in the majority of flood-hit districts.
The Minister reassured the World Bank that the current administration is dedicated to restructuring the energy sector, improving recoveries, and eliminating inefficiencies. Martin expressed his heartfelt regret for the devastating floods and noted that he was in the region to assess the situation on the ground. According to him, the World Bank has a large portfolio in Pakistan, which may take the shape of enhanced social security programs, new emergency operations to aid with rehabilitation, and long-term resilience initiatives.
According to the World Bank representative, Pakistan holds one of the biggest energy portfolios in the World Bank. He stated that Pakistan’s policy push toward renewable energy is a positive development. He stated that this is an excellent chance for Pakistan to transition to renewable energy sources. Since the energy sector is crucial to the financial stability of the nation, the WB official applauded the minister for taking the appropriate actions concerning tariff modifications regardless of the political cost. The World Bank committee comprised Country Director Najy Benhassine, Operations Manager Gailius J. Draugelis, Program Leader Teuta Kacaniku, IFC Country Manager Zeeshan Ahmed Sheikh, and Special Assistant to the Vice President Ewa Sobczynska.