Prime Minister Shahbaz Sharif expressed his gratitude for the investment of $ 40 billion in Pakistan under the World Bank, qualifying him as a welcome development.
According to a statement issued by the press wing of the Prime Minister’s office, the prime minister met with a delegation of Executive Directors of the World Bank, where he welcomed his visit to Pakistan.
He highlighted the long -standing association between the World Bank and Pakistan, which covers more than seven decades. Many important projects supported by the World Bank have played a key role in the development of the country.
The Prime Minister declared that Pakistan has greatly benefited from his association with the World Bank, particularly during the floods of 2022 when the World Bank provided substantial assistance to those affected. According to the recent country association framework, the World Bank will invest $ 40 billion in Pakistan, which is a positive development.
In addition, he explained that $ 20 billion will be invested in several projects related to health, education, youth development and other social sectors, marking the beginning of a new era of progress.
In addition, under the IFC, $ 20 billion will be invested in the private sector of Pakistan, which is expected to drive the country’s economy. He expressed his appreciation for the confidence of the World Bank in government policies.
Shahbaz Sharif also mentioned that Pakistan’s institutional and economic reform program is progressing rapidly. The economy of the country is moving in the right direction towards development. While more progress is required for sustainable economic growth, it proved the efforts of the team behind these improvements.
In addition, he said that exports and remittances are increasing, interest rates are decreasing, which leads to a greater investment in the production sector, and transparency is being introduced into systems to control corruption. The Government is prioritizing digitalization in the reforms at the Federal Income Board (FBR), while reforms in the energy sector aim to guarantee the supply of uninterrupted electricity and reduce losses.
The Prime Minister said that the establishment of the SIC (Special Investment Facilitation Council) has provided an attractive environment for investment, operating under a unique system that implies the participation of all interested parties. The Government has prioritized investment and association on loans.
The World Bank delegation praised the ongoing reform program of Pakistan, recognizing the positive results that are achieved, which is encouraging. The delegation also praised government reforms in energy, industry and exports, privatization, taxes and other sectors.
It is worth mentioning that the World Bank delegation, which consists of nine executive directors, is on a visit to Pakistan. They supervise the portfolios of several World Bank countries and are in Pakistan to discuss economic development projects and investments.
The meeting was attended by federal ministers Ahsan Iqbal, Ahad Khan Chema, Sardar Owais Khan Laghari, Dr. Musaddiq Malik, state ministers Ali Pervez Malik, Shezda Fatima Khawaj Rehman Rehman Nacillable of the Animble Nacillación del Nacillable of the Nacillable of the Nacillable of the Nacillable of Nafisa Shah, representative of the Prime Minister for the Ayesha Raza Farooq polio program and other senior officials.
Meanwhile, Pakistan has begun preparations to ensure another loan program of $ 1.5 billion of the International Monetary Fund (IMF), with negotiations scheduled for this month.
Two IMF delegations are expected to visit Pakistan to carry out an economic review for both the new loan program and for the next section of the already approved program of $ 7 billion. The total discussions will cover a combined loan amount of $ 2.5 billion.
According to the sources, an IMF delegation will visit Pakistan on February 24 to negotiate the concessional loan of $ 1.5 billion. According to reports, this new loan program aims to address the damage caused by climate change.
