Islamabad: Prime Minister Muhammad Shehbaz Sharif launched the World Bank’s Country Partnership Framework (CPF) for Pakistan at a ceremony held in Islamabad today. Speaking on the occasion, he highlighted the significant relationship between Pakistan and the World Bank, emphasizing the importance of this collaboration for the nation’s progress.
According to Radio Pakistan, the Prime Minister acknowledged the World Bank’s continued support for Pakistan over the years. He outlined various vital projects that have been developed in partnership with the World Bank, including those in the hydropower sector and reforms in key organizations such as the Federal Board of Revenue. The CPF, spanning over ten years with a commitment of twenty billion dollars, aims to transform Pakistan’s economy by building climate-resilient projects, alleviating poverty and unemployment, and promoting digitization and IT-led initiatives.
Prime Minister Shehbaz Sharif expressed his gratitude to the World Bank team, particularly President Ajay Banga and Vice President for South Asia Martin Raiser, for their innovative program. He noted that the presence of the World Bank’s Vice President at the ceremony signals the institution’s faith in Pakistan’s evolving and functional system, which is undergoing deep-rooted structural changes. He described the CPF as a timely intervention to address the challenges faced by Pakistan.
In addition, Minister for Economic Affairs Ahad Khan Cheema recognized the World Bank’s role in Pakistan’s development over the past several decades. He acknowledged the Bank’s support in key sectors of Pakistan’s economy through loans and grants. Cheema praised the CPF, noting that the Bank’s commitment of around twenty billion dollars over the next ten years will significantly uplift Pakistan’s social sectors. He stated that the approval of this substantial amount signifies the trust and partnership between the World Bank and Pakistan.
Ahad Khan Cheema also commended Prime Minister Shehbaz Sharif’s role and vision in the preparation and realization of this program, underscoring the collaborative effort involved in bringing the CPF to fruition.