PM hails World Bank’s $20bn pledge as key to Pakistan’s economic future

The investment will focus on clean energy, inclusive development, and more.

Listen to article

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.

The pledge, announced on Wednesday, aims to support Pakistan’s development priorities and is aligned with the country’s Home-Grown Economic Transformation Plan.

In a post on his official social media account, the Prime Minister highlighted that the CPF focuses on six critical 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, underscoring the country's commitment to sustainable development.

Photo: X

Prime Minister Sharif expressed his appreciation for the collective efforts of Pakistan’s leadership, particularly Chief of Army Staff General Asim Munir, and other colleagues, who have worked tirelessly to lay the foundation for such a transformative partnership. He emphasised that the CPF was a testament to 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 for creating lasting opportunities for our people,” the Prime Minister stated.

The $20 billion pledge will be critical in addressing the nation's development challenges, supporting immediate and long-term economic stability and growth goals.

World Bank pledges $40b to Pakistan

The World Bank has pledged to provide $40 billion to Pakistan under the 10-year Country Partnership Framework (CPF), according to sources in Ministry of Economic Affairs.

Interestingly, Shahbaz Rana, an economic correspondent at The Express Tribune, broke the news on January 4 while citing a key Pakistani official.

The sources termed the commitment as a testament to the successful efforts of Prime Minister Shehbaz Sharif in securing international support for Pakistan's economic growth, adding the joint efforts by PM and Army Chief General Asim Munir have started producing results.

Out of the total $40 billion, $20 billion would be provided through International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD).

The CPF will focus on six key development areas, including reducing child stunting, mitigating climate change, improving learning outcomes, providing clean water, and promoting public resources and private investment for comprehensive development.

The International Finance Corporation (IFC) will also provide funding of $20 billion to support the CPF.