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World Bank's Zoellick urges deeper Pakistan reforms

31 Oct 2007 10:45:19 GMT
Source: Reuters

ISLAMABAD, Oct 31 (Reuters) - World Bank President Robert Zoellick on Wednesday urged Pakistan's government to deepen reforms in infrastructure to education, saying the bank could expand its lending programme.

The World Bank has already extended around $10 billion in loans to Pakistan, and the government badly needs to find additional funding to build a series of dams to head off water and energy shortages.

"It's very important that the reform process continue," Zoellick told reporters in Islamabad after talks with Prime Minister Shaukat Aziz, describing the government's successes to date as "incredible".

"The critical need is to make sure that Pakistan takes advantage of globalisation in a way that is inclusive and sustainable ... and that will require more effort in areas like ports and infrastructure," he said. "Water resources are obviously a very important part of Pakistan's development."

President Pervez Musharraf aims to build five dams by 2016 at a cost of up to $18 billion, but repeated plans to build much needed dams have foundered since the 1950s in Pakistan, which is one of the most arid countries in the world and ill-prepared to meet the fallout of climate change.

"We are on track to do about another $1.5 billion of lending (this year) and we will look to see if the conditions would permit to expand that," Zoellick said.

The World Bank's private investment arm, the International Finance Corporation (IFC), which has invested around $500 million in Pakistan, was also considering increasing its exposure by up to $300 million -- despite volatile politics ahead of general elections due by January and escalating militancy.

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Last updated:Wed Oct 31 10:46:09 2007