Islamabad (Web Desk/Agencies): Prime Minister Shehbaz Sharif on Monday underscored the importance of the longstanding partnership between Pakistan and the World Bank (WB).
According to a press release issued by the Prime Minister’s (PM) Office Media Wing, during a meeting with a WB Executive Directors’ delegation.
The premier highlighted the collaborative efforts that have led to the completion of key development projects, playing a vital role in the country’s progress.
PM Shehbaz expressed gratitude for the support extended by the WB, especially in providing significant aid to flood victims in 2022, underscoring the World Bank’s critical role in Pakistan’s recovery.
He pointed out that the partnership has spanned over seven decades, bringing substantial benefits to the country.
PM Shehbaz said that the recent Country Partnership Framework with the World Bank includes a remarkable $40 billion investment for Pakistan.
“This financial commitment, with $20 billion allocated for vital sectors like healthcare, education, youth development, and other social services, is expected to usher in a new era of progress for the nation,” he said.
PM Shehbaz said that the private sector stands to gain an extra $20 billion through the International Finance Corporation (IFC), further stimulating economic growth.
He praised the efforts of the government’s economic team, which, he said, had been instrumental in Pakistan’s positive economic transformation.
"The country’s economy is gradually recovering, with increased exports and remittances, while the reduction in interest rates is creating favorable conditions for investments in key industries," the premier said.
He said that reforms aimed at boosting transparency, digitizing systems, and improving the power sector are part of a broader push for sustainable growth.
PM Shehbaz also noted the critical role of the Special Investment Facilitation Council (SIFC), which has fostered a more attractive investment climate by ensuring a collaborative approach involving all relevant stakeholders.
He emphasized that Pakistan’s strategy prioritizes investment and partnerships over loans, aiming for long-term economic stability.
The members of the WB delegation expressed their approval of the government’s ongoing reform efforts, particularly in areas such as energy, industry, exports, privatization, and revenue generation.
They commended the leadership of PM Shehbaz and recognized that the country’s reform journey is advancing rapidly.
The meeting was attended by Ministers Ahsan Iqbal, Ahad Khan Cheema, Sardar Owais Khan Leghari, Dr Musadik Malik, Ministers of State Ali Pervaiz Malik and Shaza Fatima Khawaja, Prime Minister’s Coordinator Romina Khurshid Alam, Senator Sherry Rehman, Member of the National Assembly Nafisa Shah, Prime Minister’s Representative for the Polio Program Ayesha Raza Farooq, and other senior officials.