Islamabad, May 31, 2025 – Federal Minister for Finance and Revenue Muhammad Aurangzeb praised the World Bank’s long-standing contributions to Pakistan’s economic development during a high-level meeting with the World Bank Pakistan team. The meeting marked a transition in leadership as Najy Benhassine, the outgoing Country Director for Pakistan, handed over responsibilities to Bolormaa Amgaabazar, who has been appointed as the new Country Director.
During the meeting, Aurangzeb warmly welcomed Bolormaa Amgaabazar to Pakistan and expressed his optimism about the continuation of strong cooperation between the Government of Pakistan and the World Bank under her leadership. He conveyed best wishes for her tenure and highlighted the importance of maintaining the momentum of collaborative development work that has become a hallmark of this relationship.
The finance minister also extended his heartfelt appreciation to Najy Benhassine for his significant efforts and dedication during his time in office. Aurangzeb acknowledged Benhassine’s instrumental role in strengthening Pakistan’s development partnership with the World Bank and expressed hope for his continued success in future roles.
Reflecting on the broader relationship, Aurangzeb emphasized the enduring and impactful partnership between Pakistan and the World Bank. He expressed gratitude for the bank’s generous financial and technical support across various key sectors of the economy. He particularly highlighted the newly signed 10-year Country Partnership Framework (CPF), which he described as a cornerstone of Pakistan’s development agenda.
The CPF is designed to guide Pakistan’s cooperation with the World Bank over the next decade, focusing on transforming vital sectors such as infrastructure, social development, and economic resilience through strategic planning and effective implementation. Aurangzeb noted that the framework provides an opportunity for well-coordinated progress if matched with timely and consistent execution.
In this context, he pointed out the importance of operationalizing the CPF’s Country Financing Framework (CFF), which lays out the structure for mobilizing and deploying financial resources in a strategic manner. Aurangzeb stressed that the successful implementation of the CFF would be essential to unlocking the full potential of the World Bank’s support, ensuring that the benefits reach all sectors equitably and efficiently.
He also referenced the successful completion of the International Monetary Fund’s (IMF) recent review, which led to a $1 billion disbursement under the Extended Fund Facility (EFF), as well as access to additional funding through the Resilience and Sustainability Facility (RSF). These developments, according to Aurangzeb, reinforce Pakistan’s economic credibility and enhance the prospects for more robust engagement with global development institutions.
Aurangzeb underscored the need for development financing to be guided by merit, data-driven decisions, and objective assessments, rather than political considerations. He affirmed that only a principled approach to development could yield sustainable and inclusive growth for the country.
The meeting concluded with a mutual reaffirmation of the commitment to deepening the partnership between Pakistan and the World Bank. Both sides expressed a shared vision of building economic resilience, promoting inclusive development, and delivering tangible outcomes for the people of Pakistan through strategic cooperation.