- New programme’s vision is to transform Pakistan’s economy: PM.
- “Deep-rooted structural changes underway in state organisations.”
- Says country to witness huge investment in various key sectors.
ISLAMABAD: Prime Minister Shehbaz Sharif termed the launch of the World Bank’s $20 billion decade-long funding programme for Pakistan a “timely intervention” to resolve the country’s core issues including the economy, poverty, digitisation, and climate changes.
“Today is the great day in Pakistan’s history in terms of relations with the World Bank,” said the premier while addressing the launching ceremony of the Country Partnership Framework for Pakistan from FY26 to FY35
PM Shehbaz added that the global financial institution has supported the country over the decades and vital projects were built with its assistance, ranging from hydel power generation to reforming various national organisations including the Federal Board of Revenue (FBR).
“This new programme is a vision to transform Pakistan’s economy, enhance climate resilience, poverty alleviation, promote digitisation, agriculture and IT-led initiatives all over the country.”
The prime minister described the decade-long initiative as the World Bank’s mark of faith in Pakistan.
Highlighting the incumbent government’s achievements, the premier said that deep-rooted structural changes were being made in state-run organisations which were long overdue. He admitted that the reforms should have been carried out decades ago but are now being implemented.
He specifically mentioned the digitisation of the country’s revenue board, saying that the process was progressing rapidly and is on track.
The premier also said that a pilot project for faceless interaction between importers and Customs officials was now operational at the Karachi port which will be replicated across other ports in the country, including dry ports.
PM Shehbaz also expressed his gratefulness towards the WB Vice President for South Asia Martin Raiser for the multi-billion funding programme.
He also praised the country’s economic team, bureaucrats, and other experts for the successful launch of the initiative.
Concluding his remarks, PM Shehbaz announced that under the new programme, the country would witness a huge investment in various key sectors, including education and health besides mitigating the damages from the 2022 floods.
During the ceremony, Vice President Raiser pledged the World Bank’s continued assistance to Pakistan and highlighted that six sectors were being targeted under the 10-year framework.
The international financial institution unveiled its plan for Pakistan earlier this month, pledging $20 billion in areas including clean energy and climate resilience.
The World Bank said that policy and institutional reforms to boost private sector growth and expand fiscal space for government investment in crucial areas would also be key.
“We are focused on prioritising investment and advisory interventions that will help crowd-in much needed private investment in sectors critical for Pakistan’s sustainable growth and job creation, including energy and water, agriculture, access to finance, manufacturing and digital infrastructure,” said Zeeshan Sheikh, the bank’s International Finance Corporation Country Manager for Pakistan and Afghanistan in a statement.
The World Bank has currently committed about $17 billion to Pakistan for 106 ongoing projects.
The country has teetered on the brink of economic crisis for several years and economists and international financial institutions have called for major economic reforms.
Pakistan is currently under a $7 billion International Monetary Fund bailout programme, which requires the country to boost government revenues and shore up external sources of financing, much of which comes from loans from China and Gulf nations.
