Prime Minister Shehbaz Sharif has expressed his gratitude for the World Bank’s $40 billion investment in Pakistan, calling it a significant step towards the country’s economic stability and development.

During a meeting with a delegation of World Bank Executive Directors, the prime minister welcomed their visit, highlighting the seven-decade-long partnership between Pakistan and the World Bank.

He acknowledged the global lender’s crucial role in supporting major infrastructure and development projects across the country.

A multi-sector investment for progress

The $40 billion investment, part of the World Bank’s Country Partnership Framework (CPF), will be allocated as follows:

• $20 billion for health, education, youth development, and other social sectors, fostering long-term progress.

• $20 billion under IFC (International Finance Corporation) to boost Pakistan’s private sector, driving economic expansion and job creation.

Shehbaz Sharif praised the World Bank’s support during the 2022 floods, which helped millions of affected Pakistanis.

He emphasised that Pakistan’s institutional and economic reforms are progressing rapidly, with a clear vision for sustainable economic growth.

Economic reforms and transparency

The prime minister noted key improvements in exports, remittances, and investment inflows, alongside lower interest rates, which are encouraging industrial growth.

He reiterated the government’s commitment to transparency, particularly through digital reforms in the Federal Board of Revenue (FBR) and structural changes in the power sector to ensure uninterrupted electricity supply and reduced financial losses.

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PM Shehbaz also highlighted the Special Investment Facilitation Council (SIFC), which provides an attractive and stable investment environment in Pakistan, focusing on partnerships over loans.

The nine-member delegation of World Bank Executive Directors commended Pakistan’s ongoing economic reforms and policy initiatives.

They acknowledged the government’s efforts in energy, industry, exports, privatisation, and revenue collection, stating that these measures were already yielding positive results.

First high-level visit in two decades

This visit marks the first time in 20 years that such a senior delegation from the World Bank has visited Pakistan.

The delegation, representing 88 countries, aims to assess the implementation of the $40 billion Country Partnership Framework and explore further economic opportunities.

During their stay, they will meet with PM Shehbaz Sharif, the minister for finance, the minister for economic affairs, and the minister for planning, discussing Pakistan’s economic landscape, investment prospects, and infrastructure development.

The delegation will also visit Khyber Pakhtunkhwa, Sindh, and Punjab, while engaging with business leaders, academics, and civil society representatives to evaluate local development challenges and opportunities.

Global recognition

According to sources, the CPF model designed for Pakistan has garnered significant attention at the World Bank headquarters, with other countries viewing it as a potential blueprint for economic stability and growth.

The visit underscores Pakistan’s strengthening ties with global financial institutions, ensuring long-term investment, economic development, and infrastructure enhancement. The $40 billion commitment reinforces the World Bank’s long-term economic partnership with Pakistan, paving the way for sustainable growth.

Here is the list of WB delegation members

• Abdul Haq Bedjaoui from Algeria

• Zanib Ahmed from Nigeria representing South Africa and Angola

• Beatrice Maser from Switzerland, representing Nations of Central Asia and Switzerland

• Robert Bruce Nicholl from Australia, representing 14 countries including South Korea, New Zealand and Australia

• Teresa Solbes from Spain, representing seven countries of South America including Mexico and Costa Rica

• Paul Bonmartin from France

• Lonkhululeko Magagula from Eswatini, representing 21 countries from the African continent including Tanzania, Zimbabwe, Kenya and Ethiopia

• Marlene Suzie Nzengou, belonging to the Central African Republic and representing 23 African nations

• Tauqir Shah, Executive Director representing Pakistan and seven other countries