Prime Minister Shehbaz Sharif has welcomed the World Bank’s $20 billion commitment under its first-ever 10-year Country Partnership Framework (CPF) for Pakistan.
This commitment, announced on Wednesday, aims to support Pakistan’s development priorities and aligns with the country’s economic transformation plan.
In a post on his official social media account, the Prime Minister highlighted that the CPF focuses on six key areas: child nutrition, quality education, clean energy, climate resilience, inclusive development and private investment. He noted that these focus areas align with Pakistan’s national priorities, highlighting the country’s commitment to sustainable development.
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Prime Minister Sharif expressed appreciation for the collective efforts of Pakistani leaders, especially Chief of Army Staff General Asim Munir and other colleagues, who worked tirelessly to lay the foundation of such a transformative partnership. He highlighted that the CPF demonstrates the World Bank’s confidence in Pakistan’s economic resilience and potential.
“The CPF reflects the World Bank’s confidence in Pakistan’s economic resilience and potential. We look forward to strengthening our partnership as we align our efforts to create lasting opportunities for our people,” the Prime Minister said.
The $20 billion commitment will be key to addressing the country’s development challenges, supporting immediate and long-term economic stability and growth objectives.
World Bank pledges $40 billion to Pakistan
The World Bank has committed to providing $40 billion to Pakistan under the Country Partnership Framework (CPF) over 10 years, according to sources in the Ministry of Economic Affairs.
Interestingly, Shahbaz Rana, economics correspondent of The Express PK Press Club, broke the news on January 4, quoting a key Pakistani official.
The sources termed the commitment as a testimony to Prime Minister Shehbaz Sharif’s successful efforts to garner international support for Pakistan’s economic growth, adding that the joint efforts of the Prime Minister and Army Chief General Asim Munir have started to produce results.
Of the total $40 billion, $20 billion would be provided through the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD).
The CPF will focus on six key areas of development, including reducing child stunting, mitigating climate change, improving learning outcomes, providing clean water and promoting public resources and private investments for global development.
The International Finance Corporation (IFC) will also provide $20 billion in financing to support the CPF.
