Islamabad (Web Desk): A delegation of nine World Bank Executive Directors has arrived in Pakistan, marking the first such visit in 20 years.
According to reports, the delegation will hold meetings with Prime Minister Shehbaz Sharif, Finance Minister, Minister for Planning, Minister for Energy, and Minister for Economic Affairs, to discuss the effective implementation of $40 billion in funding.
The delegation aims to strategize on how to implement the Country Partnership Framework successfully.
They are also scheduled to visit provinces including Khyber Pakhtunkhwa (KP), Sindh, Punjab, and Balochistan, where they will review ongoing development projects and develop further strategies for improvement.
Earlier, Martin Raiser, the World Bank Vice President for South Asia, pointed out that the $20 billion allocated under the Country Partnership Framework would not be enough to meet Pakistan’s long-term development goals.
He emphasized that Pakistan would need to find additional resources to address its challenges, particularly in the areas of human capital and infrastructure.
Raiser also stressed the importance of attracting private sector investments to improve the business environment, which will be crucial for sustaining growth in the coming years.
Meanwhile, Pakistan is preparing for discussions with the International Monetary Fund (IMF) about securing an additional $1.5 billion loan, which is part of the country’s ongoing efforts to stabilize its economy.
Negotiations for the new loan program are expected to begin later this month, with two IMF delegations scheduled to visit Pakistan.
These discussions will cover both the new $1.5 billion concessional loan aimed at addressing climate change impacts and the next tranche of the previously approved $7 billion loan.
This combined loan package of $2.5 billion is seen as a critical component in Pakistan's efforts to overcome the economic challenges posed by both climate-related damage and other fiscal issues.
