ISLAMABAD:Prime Minister Shehbaz Sharif on Thursday hailed the World Bank’s Country Partnership Framework (CPF) as a groundbreaking initiative, reflecting a decade of strategic collaboration aimed at fostering employment opportunities, promoting technology-driven initiatives, and enhancing climate resilience for economic stability.
Speaking at the launch of the $20 billion CPF, the prime minister described it as a transformative milestone marking the longest development partnership between Pakistan and the World Bank. This partnership seeks to address Pakistan’s economic and developmental challenges while driving growth, technological advancement, and climate resilience.
The prime minister expressed gratitude to the World Bank for its confidence in Pakistan, citing the pledge to provide $20 billion under the 10-year CPF. He acknowledged the World Bank’s ongoing support in key areas such as hydropower, water management, and economic reforms.
Shehbaz Sharif praised the leadership of the World Bank team in shaping the framework, calling it a timely effort to address Pakistan’s significant challenges. He also highlighted advancements in digitizing the Federal Board of Revenue (FBR), including a pilot project at Karachi Port aimed at reducing corruption through faceless interactions between importers and customs officials. This initiative, he noted, would enhance revenue collection and minimize malpractices.
He emphasized that the funds would be allocated to social protection projects targeting Pakistan’s most vulnerable populations and reaffirmed the government’s commitment to implementing the CPF. The prime minister called for unity among politicians, experts, and bureaucrats to achieve the ambitious targets set under the framework.
The prime minister also thanked the World Bank Vice President in German, emphasizing Pakistan’s readiness to embrace a new era of development centered on public-private partnerships and sustainable growth.
Martin Raiser, the World Bank Vice President for South Asia, lauded Pakistan’s recent economic reforms and reiterated the institution’s dedication to the partnership. He emphasized the CPF’s role in anchoring economic stability for Pakistan and the broader region, praising the prime minister’s leadership and urging continued collaboration for successful implementation.
Najy Benhassine, the World Bank Country Director for Pakistan, clarified that the $20 billion pledge is an indicative figure representing current engagements, with project specifics to be determined through discussions with Pakistani authorities. He highlighted Pakistan’s challenges, including a child stunting rate of 38% and over 25 million children out of school, the majority being girls.
Over the next decade, the CPF aims to provide quality health, nutrition, and population services to 50 million people, ensure 30 million women access modern contraceptives, and deliver water, sanitation, and hygiene services to 60 million individuals. Additionally, the framework seeks to enroll 12 million out-of-school children in quality education, ensure nutrition security for 30 million people by 2035, and enhance climate resilience for 75 million people.
Martin Raiser noted that the World Bank’s resources alone are insufficient to meet the CPF’s ambitious goals, underscoring the need to engage the private sector and collaborate with international development partners. He highlighted the framework’s focus on strategic priorities, long-term objectives, and measurable targets, marking a shift in the World Bank’s approach to engaging with Pakistan.
The World Bank Vice President stated that the CPF’s implementation would be flexible, allowing adjustments based on progress in different areas while maintaining a focus on sustainable development goals. Najy Benhassine emphasized digital transformation as a critical enabler for achieving Pakistan’s development goals, highlighting discussions with NADRA to explore ongoing reforms and the potential of a “Digital Pakistan.”
He also stressed the importance of transport infrastructure and digital solutions to reduce learning poverty, which would require extensive construction of rural roads. The World Bank’s new macroeconomic projections, expected in April, aim to increase Pakistan’s tax-to-GDP ratio to 15% within a decade and boost public spending for the bottom half of the population by 60%.
Zeeshan Sheikh, Country Manager for Pakistan and Afghanistan, pointed out the need to address barriers to private sector investment under the new strategy. Dr. Kazim Niaz, Secretary for Economic Affairs, described the decade-long partnership as a vital effort to tackle Pakistan’s most pressing economic challenges.
