Prime Minister Shehbaz Sharif has welcomed the World Bank’s $20 billion commitment under its first 10-year Country Partnership Framework (CPF) for Pakistan.
The commitment, announced on Wednesday, aims to support Pakistan’s development priorities and is aligned with the country’s Local Economic Transformation Plan.
In a post on his official social media account, the Prime Minister highlighted that the MAP 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.
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Prime Minister Sharif expressed his gratitude 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 emphasized that the MAP was a testament to the World Bank’s confidence in Pakistan’s economic resilience and potential.
“The MAP 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 pledge will be instrumental in addressing the nation’s development challenges, supporting economic stability and immediate and long-term growth objectives.
World Bank pledges $40 billion to Pakistan
The World Bank has committed to provide $40 billion to Pakistan under the 10-year Country Partnership Framework (CPF), according to sources in the Ministry of Economic Affairs.
Interestingly, Shahbaz Rana, economic correspondent of The Express PAkGazette, broke the news on January 4 quoting a key Pakistani official.
The sources termed the commitment as a testimony of Prime Minister Shehbaz Sharif’s successful efforts in securing international support for Pakistan’s economic growth, adding that the joint efforts of the Prime Minister and Army Chief General Asim Munir have begun 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 MAP 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 investment for a comprehensive development.
The International Finance Corporation (IFC) will also provide financing worth $20 billion to support MAP.
