World Bank Commits $20B to Pakistan Under 10-Year Partnership Framework
According to an official announcement, the World Bank has committed to offering $20 billion to Pakistan as part of the 10-year country partnership framework (CPF) to promote inclusive and sustainable development in the nation.
The new national framework is designed to “promote inclusive and sustainable development with a strong emphasis on enhancing human capital” and encourage resilient growth in the private sector.
“Our new decade-long partnership framework for Pakistan serves as a long-term commitment between our organization and the government to tackle some of the most pressing development challenges faced by the nation: child stunting, learning poverty, the significant risks posed by climate change, and the energy sector’s sustainability,” stated World Bank Country Director Najy Benhassine.
Of the total funding, $20 billion will be allocated through the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD).
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The framework, as stated, intends to concentrate on several vital aspects, such as minimizing child stunting by enhancing access to clean water and sanitation services; alleviating learning poverty through improved educational quality; bolstering resilience to floods and other climate-related emergencies; expanding fiscal capacity alongside more effective management and progressive public spending for development; and promoting productive and inclusive private investments to enhance external trade balances.
Specific objectives within the framework include raising the tax-to-GDP ratio to over 15 percent and adding 10 Gigawatts of renewable energy capacity.
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Regarding energy, the World Bank’s document about the framework noted that one of its objectives is to establish a financially sustainable energy sector, which will be facilitated by reforms and investments, particularly in the transmission and distribution (T&D) sector, “to mitigate losses and address geographical imbalances between consumption and generation.”
Moreover, the framework strongly emphasizes sustainable development goals (SDGs), such as ensuring quality education for 12 million students in Pakistan and providing healthcare services to 50 million citizens.
The CPF also aims to provide 60 million individuals with safe drinking water and sanitation facilities, enhance 30 million people’s food security, and broaden 30 million women’s access to family planning services. Additionally, the CPF encompasses initiatives to tackle flood and disaster risks, which would benefit 75 million people nationwide.
According to the statement, the decade-long framework is “well aligned with key objectives of the recently launched National Economic Transformation Plan, Uraan Pakistan, as well as those of the Prime Minister’s Economic Transformation Agenda and Implementation Plan.”
Furthermore, the framework’s priorities were established through extensive consultations with crucial stakeholders nationwide.
Pakistan has been affiliated with the World Bank since 1950, and to date, the Bank has provided the nation with $48.3 billion in assistance.
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The Bank’s program in Pakistan is overseen by a Country Partnership Strategy that outlines four primary areas of engagement: energy, private sector development, inclusion, and service delivery.
The current portfolio for IBRD, IFC, and MIGA in Pakistan encompasses 106 projects with a total commitment of $17 billion.