ISLAMABAD:A World Bank’s delegation, led by its Regional Vice President for South Asia Martin Raiser, called on Federal Minister for Power Engr Khurram Dastgir Khan here on Thursday.
The minister apprised the WB’s vice president about the unprecedented destruction caused by floods in Pakistan, said a press release.
He briefed the delegation on the devastation and accompanying economic misery of the people. He further highlighted how the untiring efforts of the ministry and the government helped restore electricity in most of the flood affected areas.
The minister assured the World Bank that the government was committed to reforming the energy sector and increase the recoveries together with bridging the inefficiencies.
Martin Raiser expressed his deep regret on the catastrophic floods and coined that the purpose of his visit was to access the situation on ground.
He told the minister that “Pakistan has one of the largest energy portfolio of World Bank anywhere in the world, and it plans to provide flood related support of up to $ 1.7 billion through existing and new projects.” This could be in form of strengthening of social security programs, new emergency operations to help rehabilitate, and supporting long term resilience efforts, he added.
The WB VP acknowledged that Pakistan’s policy shift towards renewable energy was a step in the right direction. “This a great opportunity for Pakistan to shift its energy matrix to renewable energy.”
He commended the minister for taking the right steps in term of tariff adjustments regardless of the political cost, as energy sector is macro critical for country’s fiscal stability.
The WB delegation included its Country Director Najy Benhassine, Operations Manager Gailius J. Draugelis, Program Leader Teuta Kacaniku, IFC Country Manager Zeeshan Ahmed Sheikh, and Special Assistant to Vice President Ewa Sobczynska.