PM Shehbaz Unveils $20B World Bank Framework for Economic Growth

The prime minister highlighted its focus on

employment, IT-led initiatives, climate

resilience, and economic stability

Associated Press of Pakistan

Islamabad: Prime Minister Muhammad Shehbaz Sharif lauded the World Bank’s $20 billion Country Partnership Framework (CPF) as a transformative initiative to address Pakistan’s economic challenges. Speaking at the CPF launch ceremony, the prime minister highlighted its focus on employment, IT-led initiatives, climate resilience, and economic stability.

The CPF represents the longest development collaboration between Pakistan and the World Bank, emphasizing strategic measures to foster growth, climate adaptation, and technological advancement.

A Landmark Partnership

PM Shehbaz acknowledged the World Bank’s pivotal contributions to Pakistan’s development, including hydropower projects, water management, and economic reforms. He expressed gratitude to the World Bank team for crafting a framework aimed at tackling Pakistan’s pressing issues, describing it as a “timely intervention.”

Highlighting progress in governance, the prime minister detailed a Federal Board of Revenue (FBR) pilot project launched at Karachi Port. This initiative digitizes customs operations, introducing faceless interactions to minimize corruption and increase revenue.

“These funds will be allocated to social protection programs benefiting Pakistan’s most vulnerable populations,” PM Shehbaz added.

Commitment to Success

The prime minister assured the government’s full commitment to CPF implementation and called for collaboration among politicians, experts, and bureaucrats to achieve its ambitious targets.

“The World Bank Vice President’s presence underscores their confidence in Pakistan’s evolving system, which is taking bold steps toward functionality and growth,” PM Shehbaz noted, extending gratitude to the World Bank in German.

World Bank’s Support for Reform

Martin Raiser, the World Bank Vice President for South Asia Region, praised Pakistan’s economic reforms, reiterating the institution’s dedication to fostering stability through the CPF.

“The CPF will anchor economic stability for Pakistan and the region,” Raiser stated, emphasizing the significance of continued collaboration for the program’s success.

Focus on Key Areas

Economic Affairs Division Minister Ahad Khan Cheema highlighted the CPF’s allocation toward critical sectors, including health, education, climate resilience, and recovery efforts after the 2022 floods.

Key government officials, including Deputy PM Senator Ishaq Dar and Federal Ministers, attended the event, reinforcing their support for this landmark partnership.