Prime Minister Shehbaz Sharif on Monday noted that the $40 billion investment in Pakistan under the Country Partnership Framework with the World Bank heralds a new chapter of progress for the country.
In January, the World Bank announced it had pledged $20 billion to Pakistan over the next 10 years to support inclusive and sustainable development. Additionally, per a statement issued by the Prime Minister’s Office, $20 billion would be invested in Pakistan’s private sector under the International Finance Corporation (IFC).
“Under the World Bank’s recent Country Partnership Framework, an investment of $40 billion will be made in Pakistan, which is welcome,” the statement quoted the prime minister as saying during a meeting with a delegation of nine World Bank executive directors in Islamabad.
The prime minister noted that $20 billion would be invested under the IFC, while $20 billion committed by the World Bank would be used to open “a new chapter of development in various sectors including health, education, youth development and others.”
Recalling the longstanding relationship between the World Bank and Pakistan, Sharif noted that several major projects linked to national development and reconstruction had emerged from this partnership. He said the World Bank had also supported the country in the aftermath of the devastating 2022 floods, supporting multiple development projects.
“I am grateful for the World Bank’s confidence in our government’s policies,” said the prime minister. “The country’s program for institutional and economic reform is progressing swiftly, while the economy is heading in the right direction,” he said, while admitting the long journey ahead in achieving sustainable economic development.
According to the statement, the visiting delegation appreciated Pakistan’s reform program, noting it was yielding positive results. “Pakistan’s journey towards economic reform is progressing swiftly under the leadership of the prime minister,” it quoted the World Bank delegation as saying. It said the delegation would discuss various investments and economic development projects during its visit.
Apprising the delegation of Pakistan’s economic reforms, Sharif said the country’s exports and remittances were both rising. “Investment in manufacturing has risen due to low interest rates and to control corruption, work on digitization in the FBR [Federal Board of Revenue] is continuing on a priority basis,” he said.
The prime minister further claimed the country had achieved an “uninterrupted power supply” alongside a deficit reduction, adding the Special Investment Facilitation Council had enabled an “attractive” environment for investors.