In a significant move aimed at addressing Pakistan’s economic and developmental challenges, Prime Minister Muhammad Shehbaz Sharif has hailed the World Bank’s $20 billion Country Partnership Framework (CPF) as a pivotal initiative for the nation’s long-term economic stability. The CPF, developed after a decade of strategic cooperation between Pakistan and the global financial institution, is poised to drive critical reforms in various sectors including employment, climate resilience, information technology, and technological advancement.
The Prime Minister’s comments came during the official launch ceremony of the landmark CPF, which marks the longest-ever development partnership between Pakistan and the World Bank. At the event, Sharif emphasized that the framework’s objectives align with Pakistan’s need to modernize its economy while tackling issues like unemployment, climate change, and economic instability. The CPF is designed to support key sectors, particularly focusing on boosting employment opportunities and promoting IT-led growth, while also laying the groundwork for significant advancements in climate resilience.
During his speech, PM Sharif recognized the crucial role the World Bank has played in Pakistan’s economic development over the years. From investments in hydropower and water management to implementing transformative economic reforms, the World Bank has been a longstanding partner in the country’s journey towards economic progress. The Prime Minister expressed gratitude to the World Bank for its leadership in shaping the CPF, particularly emphasizing its timely intervention in helping Pakistan address pressing socio-economic challenges.
He also provided an update on Pakistan’s ongoing efforts to improve tax collection and reduce corruption, particularly in relation to the Federal Board of Revenue (FBR). A key initiative in this regard is the digitization of FBR processes, which includes a pilot project at Karachi Port aimed at reducing collusion between importers and customs officials. The project, which facilitates faceless interactions, is expected to increase inland revenue and curb corruption in the long run.
PM Sharif further outlined that the $20 billion allocated under the CPF would be channeled into social protection projects that focus on Pakistan’s most vulnerable populations. He emphasized the importance of collaboration across political, expert, and bureaucratic circles to ensure the successful implementation of the CPF’s ambitious targets. In his remarks, he highlighted that the CPF would not only boost economic growth but also address critical social needs, especially in the aftermath of the catastrophic floods of 2022, which had left large parts of the country in need of urgent rehabilitation.
The Prime Minister also expressed his commitment to executing the CPF with full government support, while stressing the importance of public-private partnerships to ensure the sustainability of these development projects. He remarked that the presence of Martin Raiser, the World Bank Vice President for South Asia, at the event was a testament to the World Bank’s confidence in Pakistan’s evolving systems and the government’s bold steps towards economic vibrancy and functionality.
In response, World Bank Vice President Martin Raiser praised Pakistan’s recent economic reforms and reaffirmed the institution’s commitment to the country’s development. He stated that the CPF would play a central role in establishing the economic stability needed not only for Pakistan but also for the entire South Asia region. Raiser commended the leadership of PM Sharif and reiterated the World Bank’s dedication to continued collaboration with Pakistan to achieve the framework’s goals.
Economic Affairs Division Minister Ahad Khan Cheema also weighed in on the CPF’s potential impact, noting that the $20 billion investment would support critical areas such as health, education, climate resilience, and the reconstruction of areas devastated by the 2022 floods. With a broad scope that spans various sectors, the CPF promises to be a cornerstone of Pakistan’s recovery and growth in the years ahead.
In conclusion, the launch of the $20 billion Country Partnership Framework signifies a crucial step toward stabilizing Pakistan’s economy and addressing key developmental challenges. With both the World Bank and the Pakistani government working in close partnership, the CPF offers a roadmap for long-term growth, sustainability, and improved living standards for the people of Pakistan.