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PM Shehbaz Praises World Bank’s $20 Billion Commitment to Pakistan

PM Shehbaz

ISLAMABAD: Prime Minister Shehbaz Sharif has hailed the World Bank’s announcement of a decade-long, $20 billion funding framework for Pakistan, describing it as a “timely intervention” to address critical challenges such as economic instability, poverty alleviation, digitization, and climate change.

Speaking at the launch ceremony for the Country Partnership Framework for Pakistan (FY26-FY35), the premier called it a historic day for the country’s relationship with the World Bank.

PM Shehbaz highlighted the longstanding support provided by the global financial institution, which has been instrumental in implementing key projects ranging from hydropower generation to reforming national organizations like the Federal Board of Revenue (FBR).

He noted that the newly launched framework represents a transformative vision to strengthen Pakistan’s economy, enhance climate resilience, reduce poverty, and promote digital and agricultural advancements alongside IT-led initiatives nationwide.

The prime minister emphasized that the initiative reflects the World Bank’s confidence in Pakistan’s future and aligns with the government’s commitment to structural reforms. He acknowledged that while these reforms, particularly in state-run organizations, should have been undertaken decades ago, they are now being implemented with urgency.

One such reform highlighted by the premier is the digitization of the FBR, which he said is progressing rapidly. He also shared details about a pilot project launched at Karachi Port to enable faceless interactions between importers and Customs officials. This project will soon be replicated across all ports, including dry ports, further modernizing Pakistan’s trade processes.

PM Shehbaz expressed gratitude to World Bank Vice President for South Asia Martin Raiser for the multi-billion-dollar program and commended Pakistan’s economic team, bureaucrats, and experts for their role in successfully launching the initiative.

He underscored that the new framework would lead to significant investments in critical sectors such as education, health, and disaster recovery, particularly in light of damages caused by the devastating 2022 floods.

Vice President Raiser reaffirmed the World Bank’s commitment to Pakistan, explaining that the framework focuses on six key sectors, including clean energy, climate resilience, agriculture, and digital infrastructure.

The initiative also emphasizes policy and institutional reforms to stimulate private sector growth and increase fiscal space for government investments in essential areas.

Zeeshan Sheikh, the International Finance Corporation’s Country Manager for Pakistan and Afghanistan, further detailed the framework’s objectives, emphasizing the need to attract private investment in sectors critical for Pakistan’s sustainable development and job creation.

The World Bank’s current portfolio for Pakistan includes $17 billion across 106 ongoing projects. This new decade-long commitment comes as the country continues to grapple with an economic crisis, exacerbated by the need for major fiscal reforms and reliance on loans from China and Gulf nations.

Pakistan is also navigating the requirements of a $7 billion IMF bailout program, which calls for increased government revenues and external financing.

With the new framework, PM Shehbaz expressed optimism that Pakistan will see transformational changes in key areas, setting a foundation for long-term sustainable growth.

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I am a dynamic professional, specializing in Peace and Conflict Studies, Conflict Management and Resolution, and International Relations. My expertise is particularly focused on South Asian Conflicts and the intricacies of the Indian Ocean and Asia Pacific Politics. With my skills as a Content Writer, I serve as a bridge between academia and the public, translating complex global issues into accessible narratives. My passion for fostering understanding and cooperation on the national and international stage drives me to make meaningful contributions to peace and global discourse.

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