ISLAMABAD: The World Bank Group (WBG) has initiated the process of preparing a new Country Partnership Framework (CPF) for Pakistan that would outline its strategic support in the country for the next five years starting from fiscal year 2022.
This was stated by World Bank Country Director for Pakistan Najy Benhassine during a consultative meeting with Economic Affairs Minister Makhdum Khusro Bakhtyar on Monday.
The meeting aimed to discuss the government’s development priorities for the next five years and to seek guidance and views of the minister to appropriately accommodate those priorities in the next World Bank Country Partnership Strategy for the FY2022-26 period.
The country director shared that WB has started countrywide consultations with key stakeholders, including government, parliamentarians, private sector, civil society organisations and development partners, to gather diverse views from stakeholders on Pakistan’s economic and social challenges and the ways in which the World Bank Group can support the government in addressing these challenges.
He shared that the next World Bank’s Pakistan CPF would broadly focus on four strategic areas i.e. education, health, environment & growth and improved governance as an enabler.
The minister on the occasion highlighted the need to focus more on the basics where Pakistan critically lags e.g. human capital, poverty alleviation, stunting, revenue mobilisation and economic reforms etc. He also emphasised on avoiding thin spreading of resources and focus on concentrating resources on priority areas for achieving greater impact.
The minister also informed the country director that the government desires to enhance the role of the private sector by encouraging it to take a lead in the economic development of the country.
Bakhtyar thanked the WB team for extending their continuous support to the government in achieving sustainable economic development in the country, while the country director WB ensured continuous support to the government in achieving its priority development objectives.
The meeting was also attended by economic affairs secretary and officers of WB and IFC.