Latest news with #OusmaneDione
Business Recorder
5 days ago
- Business
- Business Recorder
Leghari tells World Bank delegation: CTBCM to enter final phase in two months
ISLAMABAD: Federal Minister for Power, Sardar Awais Ahmad Khan Leghari, has announced that the Competitive Trading Bilateral Contract Market (CTBCM) will enter its final implementation phase within the next two months. The Minister made this statement during a meeting with a high-level World Bank delegation, led by Ousmane Dione, the Regional Vice President for the Middle East, North Africa, Afghanistan, and Pakistan. The Power Division had earlier informed representatives of nearly a dozen development partners that the commercial operations of CTBCM are expected to begin by the end of September 2025. CTBCM: Commercial operations may begin by Sept-end The long-awaited policy will allow Bulk Power Consumers (BPCs) — those with a demand of 1MW or more — to procure electricity through independent bilateral contracts with competitive suppliers, sources told Business Recorder. According to the Power Division, the framework for viable open access charges (wheeling) and a transparent mechanism for allocating wheeling quantum are in the final stages of development. The operationalization of the Independent System and Market Operator (ISMO) will play a critical role in facilitating CTBCM implementation. Minister Leghari explained that CTBCM will enable free trade of electricity within the market. Under this model, wheeling charges and other mechanisms are being introduced, while the government's role will be confined to regulation. He emphasized that the transition will be gradual, guided by a comprehensive strategy to ensure system stability. During the meeting, Leghari provided the World Bank delegation with a detailed briefing on Pakistan's energy reforms, including the net metering policy, privatization efforts, regulatory enhancements, and investment opportunities. He underscored that Pakistan's policy direction is clearly focused on encouraging private sector participation and enhancing transparency, with an open invitation to international investors to join this transformation. Ousmane Dione welcomed the energy sector reforms and highlighted the critical role of energy in national development. He reaffirmed the World Bank's continued support for Pakistan, emphasizing its commitment to fostering a sustainable, reliable, and investment-friendly energy system. The Federal Minister also presented the delegation with a comprehensive booklet detailing ongoing reforms in the energy sector and expressed optimism that the partnership between Pakistan and the World Bank would continue to strengthen. Copyright Business Recorder, 2025
Express Tribune
6 days ago
- Business
- Express Tribune
PM Shehbaz hails World Bank position on IWT
Prime Minister Shehbaz Sharif on Thursday praised the World Bank for its support of Pakistan's position on the Indus Waters Treaty, criticising India's 'unilateral and illegal' actions that he said undermine the landmark agreement. Tensions between India and Pakistan escalated after the April 22 attack in Pahalgam, Indian Illegally Occupied Jammu and Kashmir (IIOJK), which killed 26 people. India blamed Pakistan for the attack but provided no evidence. Islamabad strongly denied the allegations. On April 23, India closed the Wagah border crossing, revoked Pakistani visas, and announced the suspension of the Indus Waters Treaty. Pakistan condemned the move as an 'act of war' and responded by sealing the Wagah border from its side. In a meeting with Ousmane Dione, World Bank Regional Vice President for the Middle East, North Africa, Afghanistan, and Pakistan, Shehbaz reiterated Pakistan's commitment to upholding international law, pursuing peaceful dialogue, and promoting regional prosperity. Regional Vice President of the World Bank Ousmane Dione called on Prime Minister Muhammad Shehbaz Sharif. — Government of Pakistan (@GovtofPakistan) July 24, 2025 The prime minister expressed appreciation for the World Bank's longstanding partnership and described its backing as aligned with Pakistan's lawful stance on water rights under the treaty. Shehbaz also acknowledged the strategic role of the Country Partnership Framework in supporting Pakistan's national priorities, particularly in the areas of energy, climate change, human development, and governance reform. Read: World Bank approves $194m for education, water security in Balochistan He thanked the Bank for its timely assistance during the 2022 floods, which enabled Pakistan to launch emergency relief and rehabilitation efforts for affected communities. Dione reaffirmed the World Bank's commitment to expanding collaboration with Pakistan and lauded the government's reform agenda aimed at ensuring macroeconomic stability and long-term sustainability. Both sides expressed a shared resolve to deepen cooperation in the coming years to accelerate development and improve livelihoods. Earlier, the World Bank reaffirmed its support for Pakistan's economic stability during a separate meeting held on Wednesday between Federal Minister for Economic Affairs Ahad Cheema and Ousmane Dione at the Ministry of Economic Affairs in Islamabad. According to an official statement from the Ministry of Economic Affairs, the Bank appreciated Pakistan's reform efforts and progress under the Country Partnership Framework. Both sides discussed avenues for deepening cooperation in critical sectors, with an emphasis on ensuring sustained recovery and long-term financial resilience.
Arab News
6 days ago
- Business
- Arab News
Pakistan welcomes World Bank stance on Indus Waters Treaty amid India suspension row
ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday welcomed the World Bank's position against India's unilateral suspension of the Indus Waters Treaty (IWT), describing it as 'principled support' for Pakistan during a meeting with the Bank's regional vice president, Ousmane Dione, who is currently visiting the country. The IWT, brokered by the World Bank and signed in 1960, governs water sharing between India and Pakistan. Earlier this year, New Delhi announced it was placing the treaty 'in abeyance' following a militant attack in Indian-administered Kashmir that killed 26 tourists. Indian authorities blamed the attack on Pakistan, a charge Islamabad denied while calling for a transparent and impartial international investigation. The incident also triggered a four-day military standoff between the two nuclear-armed neighbors, which ended with a US-brokered ceasefire on May 10. 'The Prime Minister appreciated the World Bank's principled support for Pakistan's legitimate position in light of India's unilateral and illegal actions to undermine a key international agreement like the Indus Waters Treaty,' said a statement issued by the Prime Minister's Office after Sharif's meeting with Dione. 'He reaffirmed Pakistan's commitment to international law, the pursuit of prosperity, and the maintenance of regional peace, and expressed his resolve to address all issues through dialogue,' it added. The World Bank's stance aligns with comments made by its president, Ajay Banga, in May, when he clarified that the IWT contains no provision for unilateral suspension or withdrawal, and that any changes to the agreement must be made mutually by both India and Pakistan. Banga also noted the Bank's role in the treaty is strictly administrative, to appoint dispute-resolution experts and manage a trust fund when required, adding the institution has no authority to intervene in political decisions by either country. During their meeting, Sharif and Dione discussed ongoing development cooperation, including the World Bank's Country Partnership Framework (CPF), a strategic roadmap for investments in energy, education, governance reforms, and climate resilience. The prime minister also thanked the Bank for its 'swift and generous assistance' during Pakistan's 2022 floods, which killed over 1,700 people, displaced millions and devastated agricultural land and public infrastructure. Dione, the Bank's regional vice president for the Middle East, North Africa, Afghanistan and Pakistan (MENAAP), reaffirmed his institution's commitment to deepening its engagement with Pakistan. He praised the country's ongoing macroeconomic stabilization efforts and expressed confidence in the current administration's reform agenda aimed at restoring investor confidence and promoting inclusive, sustainable growth.
LBCI
16-06-2025
- Business
- LBCI
Speaker Berri meets World Bank officials, affirms readiness to pass key reform laws
Speaker of Parliament Nabih Berri met at the Second Presidency headquarters in Ain al-Tineh with World Bank Vice President for the Middle East and North Africa, Ousmane Dione, and the Bank's Regional Director Jean-Christophe Carret, in the presence of Berri's media advisor, Ali Hamdan. The meeting focused on projects and loans that have been under negotiation between Lebanon and the World Bank. Speaker Berri affirmed the Parliament's readiness to pass legislation and approve draft laws that have been agreed upon with the Lebanese government once they are formally submitted to Parliament and reviewed according to proper procedures—particularly those related to energy, water, agriculture, and reconstruction loans.
MTV Lebanon
16-06-2025
- Business
- MTV Lebanon
Aoun, World Bank officials discuss urgent need to enact financial reforms
President of the Republic Joseph Aoun met with World Bank Vice President for the Middle East and North Africa, Ousmane Dione, and Regional Director Jean-Christophe Carret to discuss the status of projects already approved by the World Bank's Board of Directors but still pending ratification in the Lebanese Parliament. The meeting underscored the urgent need to accelerate implementation of reforms in the banking sector, stressing their critical role in creating the necessary conditions for the World Bank's board to approve Lebanon's Reconstruction Loan.
