PM Shehbaz launches World Bank’s Country Partnership Framework for Pakistan

Islamabad: Prime Minister Muhammad Shehbaz Sharif launched the World Bank's Country Partnership Framework (CPF) for Pakistan at a ceremony held in Islamabad today.

Speaking on the occasion, he said today is a great day in the history of Pakistan in terms of a very strong relationship with the World Bank.

The Prime Minister said the World Bank has supported Pakistan over a period of time. He said very important projects were built in Pakistan with the World Bank's support, ranging from hydel power generation in the water sector, and reforming various important organizations like the Federal Board of Revenue.

The Prime Minister said the Country Partnership Framework, which spans over ten years with an amount of twenty billion dollars is a vision to transform Pakistan's economy, building climate-resilient projects, alleviating poverty and unemployment and promoting digitization, agriculture and IT-led initiatives.

The Prime Minister thanked the World Bank team particularly its President Ajay Banga, Vice President for South Asia Martin Raiser on behalf of the government of Pakistan for coming out with the innovative programme.  

He said the presence of the Vice President of the World Bank in the ceremony is a message to the people of Pakistan that the World Bank has faith in Pakistan's system, which is now attaining vibrancy and has become very functional and operational, undertaking deep-rooted structural changes. He said this vision is a very timely intervention to address all the issues which are being faced by Pakistan.

The Prime Minister also lauded the efforts of the Vice President World Bank Martin Raiser, who is a German national, in his native German language.

Speaking on the occasion, Minister for Economic Affairs Ahad Khan Cheema acknowledged the role of the World Bank in the development of Pakistan for the past many decades.

He said the World Bank always supported key sectors of Pakistan's economy and has accumulatively granted loans and grants.

Appreciating the World Bank's Country Partnership Framework (CPF) for Pakistan, he said the Bank will provide around twenty billion dollars during the next ten years for the uplift of social sectors. He said approval of such a huge amount is a testimony of trust between the World Bank and Pakistan.

Ahad Khan Cheema commended the role and vision of Prime Minister Shehbaz Sharif in the preparation and materializing of this program.