WB promises $20bn for Pakistan

Islamabad: The joint efforts of Prime Minister Shehbaz Sharif and Army Chief General Asim Munir have begun to bear fruit, and the World Bank has promised to give Pakistan $20 billion.

According to media reports, the World Bank has promised to give Pakistan $20 billion under the 10-year Country Partnership Framework (CPF). 19 out of 24 directors voted in favor of Pakistan for the approval of the framework.

It is also reported that the World Bank will provide about three-quarters of the $20 billion through IDA. The remaining amount will be provided under the International Bank for Reconstruction and Development.

The media reports suggest the expanded framework will focus on six key development sectors. The CPF will be supplemented with additional funding from the International Finance Corporation.

According to the reports, the CPF aims to prevent child stunting, and climate change, provide clean water, increase public resources and private investment, and increase tax revenue to more than 15 percent of GDP, while increasing renewable energy capacity by 10 gigawatts is among the objectives.

According to the reports, the CPF includes providing quality education to 12 million students, providing health facilities to 50 million people, and providing clean water and sanitation facilities to 60 million people.

The goals of increasing food security for 30 million people and access to contraception for 30 million women are also included, added the report.

The targets have also been set to deal with natural disasters and hazards including floods, which will benefit 75 million people, reportedly.