PM unveils WB's $20b partnership framework

Prime Minister Shehbaz Sharif launched the World Bank's Country Partnership Framework (CPF) for Pakistan, a 10-year, $20 billion programme aimed at transforming the country's economy.

Speaking at the launch ceremony in Islamabad on Thursday, PM Shehbaz hailed the partnership as a "great day in the history of Pakistan" and a testament to the World Bank's confidence in the country's economic resilience.

He acknowledged the World Bank's long-standing support for Pakistan, citing key projects in hydel power generation, water sector reform, and organizational development.

The CPF focuses on six priority areas: child nutrition, quality education, clean energy, climate resilience, inclusive development, and private sector growth. The PM expressed gratitude to the World Bank team, particularly President Ajay Banga and Vice President Martin Raiser, for their innovative programme.

Economic Affairs Minister Ahad Khan Cheema also commended the World Bank's role in Pakistan's development, noting that the $20 billion commitment over the next decade demonstrates the Bank's trust in Pakistan.

The partnership aims to address Pakistan's pressing challenges, including poverty, unemployment, and climate change. With the World Bank's support, Pakistan seeks to promote digitisation, agriculture, and IT-led initiatives to drive economic growth.