$20bn pledge: PM expresses gratitude to World Bank for backing

ISLAMABAD: Prime Minister Shehbaz Sharif has expressed his gratitude to the World Bank on Thursday for its confidence in Pakistan, following its $20 billion pledge under the 10-year Country Partnership Framework (CPF) last week.

In a statement issued by the WB last week, the new framework for Pakistan aimed to “support inclusive and sustainable development through a strong focus on building human capital,” in addition to fostering durable private sector growth.

Speaking at a ceremony attended by WB vice president for South Asia Martin Raiser, Sharif emphasised the longstanding and robust relationship that Pakistan has maintained with the bank throughout the years.

Sharif highlighted several initiatives undertaken in Pakistan with the support of the World Bank, which include hydropower generation within the water sector and the reform of key organizations such as the Federal Board of Revenue (FBR).

He expressed his gratitude to Martin Raiser, World Bank president Ajay Banga, as well as the World Bank team in Pakistan.

In his remarks directed towards Raiser, he stated that Raiser’s presence is an indication that the World Bank has confidence in the country’s system, which is now attaining vibrancy and is fully operational, implementing essential long-awaited structural reforms.

“It is something that should have been done many years ago but is being done today. Nevertheless, I believe in the fact that it is never too late,” he added.

He noted that the digitisation of FBR is “rapidly on track,” the pilot project of faceless interaction between importers and customs officials at Karachi Port has been made operational, which will be replicated at all other airports and dry ports.

He continued that this would significantly boost economic recoveries, amounting to trillions of rupees in the coming months and years, not only through customs duties but also in terms of inland revenues and sales tax.

“And of course, reducing corruption immensely,” he said, adding that the funds generated through all this would subsequently be allocated to vital socioeconomic projects aimed at alleviating poverty and promoting education.

“Therefore, this vision is a very timely intervention to address all these issues which are facing Pakistan as a humongous challenge,” he added.

Subsequently, Prime Minister Sharif addressed Raiser in German, his mother tongue, expressing gratitude for his unwavering commitment to promote Pakistan’s cause.

Minister for Economic Affairs Ahad Cheema, during his address, recognised the significant contribution of the World Bank to Pakistan’s development over the past several decades.

He noted that the World Bank has consistently supported vital sectors of Pakistan’s economy and has provided a substantial amount of loans and grants. Appreciating the WB’s CPF for Pakistan, he said that the bank will provide around $20 billion during the next 10 years for the uplift of social sectors, adding that the approval of such a huge amount is a testimony of trust between the WB and Pakistan.

Copyright Business Recorder, 2025