First Pakistani elected to IMF-World Bank parliamentary board vows to highlight country’s economic woes

ISLAMABAD: Faisal Saleem, first Pakistani senator elected to the International Monetary Fund-World Bank Parliamentary Network board, on Saturday said he would highlight Pakistan’s economic challenges and try to engage global financial institutions to help overcome these woes during his tenure.
The IMF-World Bank Parliamentary Network provides a platform for parliamentarians from over 140 countries to advocate for increased accountability and transparency in international financial institutions and multilateral development financing. Founded in 2000, the network seeks to engage lawmakers from around the globe in the common mission of addressing good governance and poverty challenges both at home and abroad.
Directed by a 12-member board elected by their peers, the Parliamentary Network is an independent non-governmental organization with a secretariat in Paris. The organization is open to all elected parliamentarians from World Bank member states, who hold a current mandate. Its members represent themselves and their constituents, and not their countries, parliaments or governments, according to the Network.
“My election to the Parliamentary Network’s board is an honor for Pakistan and I am the only member from Asia on the board [at present],” Senator Saleem told Arab News, adding that he was nominated by the Pakistan parliament and was elected this week as a member of the IMF-World Bank Parliamentary Network board by parliamentarians of other countries.
“My mission is to highlight and debate Pakistan’s economic challenges through the forum and try my best to steer the country out of the crisis. I’ll be there with a one-point agenda and that is to work for the betterment of my country.”
Senator Saleem, an industrialist hailing from Pakistan’s northwestern Mardan district, became a member of the upper house of Pakistan’s parliament in March 2021 on the ticket of jailed former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party.
He said he was elected to the IMF-World Bank Parliamentary Network board for a period of three years, adding that half of the board members retire every three years and new members are elected in their place. “I have become the first Pakistani parliamentarian in the country’s history to be elected to the coveted position,” Senator Saleem added.
As a board member, he said, he would be discussing with his peers the loan programs, development projects and different initiatives to improve governance and overcome poverty in Pakistan. “I’ll be trying to initiate favorable recommendations to international financial institutions for Pakistan during my tenure,” the senator said.
Economically troubled Pakistan came to the brink of a sovereign default in June last year, but averted it by securing a $3 billion stand-by arrangement (SBA) from the IMF, which expires next month.
The country urgently needs a fresh IMF agreement to shore up its struggling $350 billion economy, which is suffering from high inflation, low reserves and mounting external financing needs.
Senator Saleem, however, clarified the IMF-World Bank Parliamentary Network had no direct role in loan disbursements or development projects funded by the IMF or the World Bank.
“I’ll be working closely with the government in Pakistan to give my productive inputs at the forum,” he said. “My first priority will be inviting all the board members for an official meeting to Pakistan to highlight a positive image of the country.”