PM heaps praise on World Bank for cooperation

ISLAMABAD: Prime Minister Shehbaz Sharif on Monday lauded a $40 billion investment by World Bank, emphasising that the inflow will usher in a new era of growth and development across various sectors of the country.

Recently, the World Bank pledged to provide $40 billion to Pakistan under the 10-year Country Partnership Framework (CPF) aimed at fostering inclusive and sustainable development in the country.

The prime minister during a meeting with nine World Bank executives said that under the World Bank’s recent CPF, an investment of $40 billion will be made in Pakistan, which is welcome. “With the support of the World Bank, several major projects were built in Pakistan for national development and reconstruction, which played an important role in Pakistan’s development,” he added.

Sharif said that Pakistan benefitted from its partnership with the World Bank, as it provided support to the country in the aftermath of the devastating floods of 2022 and supported multiple development projects.

Sharif said that $20 billion will be invested into Pakistan’s private sector under the International Finance Corporation, while $20 billion will be used to open “a new chapter of development in various sectors including health, education, youth development and others.”

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“I am grateful for the World Bank’s confidence in our government’s policies,” he said, adding that the country’s programme for institution and economic reform is progressing swiftly, while the economy is heading in the right direction.

He admitted that significant work still remains to be done to achieve sustainable economic development, adding that the credit for improvement in the economy goes to his team.

The WB delegation lauded Pakistan’s reform programme, highlighting its positive outcomes and referring to it as a significant advancement.

“Pakistan’s journey towards economic reform is progressing swiftly under the leadership of the prime minister,” said the WB delegation.

According to the statement issued by the PM Office, the WB delegation will discuss investments and economic development projects during their visit.

According to the statement, the PM apprised the delegation about the progress of Pakistan’s economic reforms, stating that there were positive developments.

“Our exports and remittances are increasing,” he said. “Investment in manufacturing has risen due to low interest rates and to control corruption, work on digitisation in Federal Board of Revenue (FBR) is continuing on a priority basis.”

Sharif also added that in the power sector, the country has experienced an uninterrupted power supply alongside a deficit reduction.

“Through Special Investment Facilitation Council (SIFC), we have created an attractive environment for investors. This unique system involves all stakeholders,” he added.

Copyright Business Recorder, 2025