World Bank Vice President for South Asia Martin Raiser said on Sunday that Pakistan will have to take internal measures alongside the support of the international community while implementing economic reforms to recover from the devastating floods.
Ricer spoke about the situation in Pakistan after facing severe floods and said that the country has been badly affected by climate change. He said that the depth of the crisis is unprecedented.
The vice president of the global lender said that the international community needs to help Pakistan, but Islamabad also needs to implement financial reforms.
“To recover from the devastation caused by floods, Pakistan needs a road map,” he added.
Ricer said that Pakistan will have to take measures internally as citizens are already worried about high electricity bills. “That’s why [authorities] are facing losses in distribution and prices are high.”
In this regard, he suggested that it is important for Pakistan to bring reforms in its energy sector.
The Vice President also said that Finance Minister Ishaq Dar has assured the implementation of reforms as they are important for long-term investment.
The World Bank on Friday said Pakistan would have to make “tough” decisions to revive the economy and expressed hope that the country would focus on reforms as promised.
The World Bank said, “We recognize that it will be difficult for Pakistan to work on reforms in light of the country’s post-flood economic situation because of the heavy damage they have caused”.
