Islamabad (Web Desk): Prime Minister Shehbaz Sharif on Thursday unveiled the World Bank’s (WB) Country Partnership Framework (CPF) for Pakistan at a ceremony in Islamabad, marking a pivotal moment in the country's economic future.
The CPF, valued at $20 billion over the next ten years, is a comprehensive plan to drive economic transformation, improve climate resilience, reduce poverty, and foster growth in critical sectors like agriculture, information technology, and digital infrastructure.
Addressing the event, PM Shehbaz highlighted the deep-rooted and enduring relationship between Pakistan and the World Bank, emphasizing the bank’s pivotal role in financing essential projects, such as hydropower development in the water sector and reforms in key organizations like the Federal Board of Revenue (FBR).
He praised the World Bank’s ongoing support, which has been integral in shaping Pakistan’s development trajectory over time.
This new partnership framework is positioned as a transformative vision, with a focus on sustainable development and the modernization of Pakistan’s economic infrastructure.
PM Shehbaz expressed gratitude to the World Bank, particularly to President Ajay Banga and Vice President for South Asia, Martin Raiser, for their leadership in launching this innovative program, which underscores the World Bank’s confidence in Pakistan's growing institutional framework and its ongoing structural reforms.
He further emphasized that the presence of Vice President Martin Raiser at the ceremony sends a clear signal of the World Bank's faith in Pakistan’s economic resilience and future prospects.
The partnership is seen as a timely intervention aimed at addressing the country’s pressing economic and developmental challenges.
PM Shehbaz concluded his remarks by outlining a new initiative that promises substantial investments in critical sectors such as education and healthcare, in addition to addressing the damages caused by the catastrophic 2022 floods.
This initiative comes at a time when Pakistan’s economy is grappling with significant challenges, with international financial institutions urging the government to implement comprehensive reforms.
At the same event, Vice President Raiser reaffirmed the World Bank’s commitment to supporting Pakistan’s recovery, focusing on six key areas under a decade-long plan.
Earlier this month, the World Bank announced it would allocate $20 billion toward Pakistan’s development, particularly in areas like clean energy, climate resilience, and supporting private sector growth.
According to World Bank’s Country Manager for Pakistan and Afghanistan Zeeshan Sheikh, the bank intends to prioritize investments that will not only help rebuild Pakistan’s infrastructure but also stimulate sustainable economic growth and job creation.
This includes boosting sectors critical to the country’s long-term prosperity, such as energy, agriculture, finance, and digital infrastructure.
Currently, the World Bank has committed around $17 billion to support 106 ongoing projects in Pakistan.
While this aid is essential for addressing immediate needs, experts emphasize that comprehensive policy changes and reforms are necessary to create a more stable and thriving economy in the future.
Given the country’s precarious financial situation, the success of these reforms will be pivotal to ensuring Pakistan’s economic recovery and resilience in the coming years.