PM Welcomes World Bank’s $20B Pledge, Sees it as Key to Economic Growth
PM Welcomes World Bank’s $20B Pledge, Sees it as Key to Economic Growth
Prime Minister Shehbaz Sharif has expressed his appreciation for the World Bank’s commitment of $20 billion under its inaugural 10-year Country Partnership Framework (CPF) dedicated to Pakistan.
The announcement made on Wednesday is intended to back Pakistan’s development goals and corresponds with the nation’s Home-Grown Economic Transformation Plan. In a message on his official social media platform, the Prime Minister pointed out that the CPF concentrates on six vital sectors: child nutrition, quality education, clean energy, climate resilience, inclusive development, and private investment. He emphasized that these priority areas align with Pakistan’s national objectives, reaffirming the country’s dedication to sustainable development.
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Prime Minister Sharif acknowledged the collective efforts of Pakistan’s leadership, particularly Chief of Army Staff General Asim Munir and other associates, who have dedicated themselves to establishing a transformative partnership. He underscored that the CPF signifies the World Bank’s trust in Pakistan’s economic strength and potential. “The CPF showcases the World Bank’s faith in Pakistan’s economic endurance and capabilities. We anticipate enhancing our collaboration as we unite our initiatives to create enduring opportunities for our citizens,” the Prime Minister remarked. The $20 billion commitment will be essential in tackling the nation’s development issues, assisting immediate and long-term economic stability and growth objectives.
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The World Bank has committed to offering $40 billion to Pakistan under the decade-long Country Partnership Framework (CPF), as reported by sources in the Ministry of Economic Affairs. Notably, Shahbaz Rana, an economic journalist at The Express Tribune, revealed the news on January 4, referencing an essential official from Pakistan. The sources described the pledge as proof of Prime Minister Shehbaz Sharif’s practical efforts in securing international backing for Pakistan’s economic development, stating that the collaborative efforts of the Prime Minister and Army Chief General Asim Munir are beginning to yield positive results.
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Of the total $40 billion, $20 billion will be allocated through the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD). The CPF will concentrate on six primary development sectors, including reducing child malnutrition, addressing climate change, enhancing educational outcomes, ensuring access to clean water, fostering public resources, and private investment for holistic development. The International Finance Corporation (IFC) will also provide $20 billion to support the CPF.
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