ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif welcomed a $40 billion investment commitment from the World Bank on Monday, highlighting that the funds would benefit various sectors of the country’s economy.
According to a PM House statement, he expressed these views during a meeting with a delegation of nine World Bank executive directors in Islamabad.
The statement added that the World Bank pledged to provide $20bn to Pakistan under a 10-year country partnership framework (CPF) to support inclusive and sustainable development within the country.
“With $20 billion allocated for various projects in health, education, youth development, and other social sectors, a new chapter of progress would begin in Pakistan,” he added.
“Under the World Bank’s recent Country Partnership Framework, an investment of $40bn will be made in Pakistan, which is welcome,” the statement quoted the prime minister as saying.
“With the support of the World Bank, several major projects were built in Pakistan for national development and reconstruction, which played an important role in Pakistan’s development,” he added.
“Pakistan has greatly benefited from its partnership with the World Bank,” he said, adding the WB provided substantial assistance to the people affected by the 2022 floods in Pakistan.
PM Shehbaz noted that there is still a way to go to achieve sustainable economic development, adding that any credit for the improvement must go to his team.
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According to the statement, the PM apprised the delegation about the progress of Pakistan’s economic reforms, stating that there were positive developments.
“Our exports and remittances are increasing,” he said. “Investment in manufacturing has risen due to low interest rates and to control corruption, work on digitisation in the FBR (Federal Board of Revenue) is continuing on a priority basis.”
PM Shehbaz also added that in the power sector, the country has experienced an “uninterrupted power supply” alongside a deficit reduction.
The Special Investment Facilitation Council (SIFC) has created an attractive environment for investment in Pakistan, functioning under a unique system involving all stakeholders,” he added.
Members of the delegation praised Pakistan’s reform programme and noted that it was yielding positive results, calling it a “positive development”.
“Pakistan’s journey towards economic reform is progressing swiftly under the leadership of the Prime Minister,” the World Bank delegation was quoted as saying. The statement added that the delegation will discuss investments and economic development projects during their visit.
