ISLAMABAD: The World Bank (WB) has pledged $20 billion to Pakistan under the 10-year Country Partnership Framework (CPF), according to sources in the Ministry of Economy. Sources described the pledge as evidence of Prime Minister Shehbaz Sharif’s successful efforts to secure international support for Pakistan’s economic growth, with joint efforts between the Prime Minister and Army General Asim Munir beginning to bear fruit. They said $20 billion would be provided through the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD). The CPF will focus on six key development areas, including reducing child stunting, mitigating climate change, improving learning outcomes, providing clean water and supporting public resources and private investment for comprehensive development. The International Finance Corporation (IFC) will also provide $20 billion in funding to support the CPF. Specific goals include increasing tax revenue to more than 15% of GDP, adding 10 gigawatts of renewable energy capacity, providing quality education to 12 million students, and providing health services to 50 million people. The framework also aims to provide safe drinking water and sanitation facilities for 60 million people, strengthen food security for 30 million individuals and improve access to family planning services for 30 million women. In addition, the CPF includes targets to address flood and disaster risks that will benefit 75 million people, the sources added. It is worth noting that 19 of the 24 directors voted in favor of Pakistan in approving the countries’ 10-year partnership framework. PM WELCOME WORLD BANK Prime Minister Shehbaz Sharif on Wednesday welcomed the World Bank’s pledge of $20 billion under its first-ever 10-year Country Partnership Framework (CPF) for Pakistan. In his Timeline X post, the Prime Minister said that while the CPF focuses on six key areas, including child nutrition, quality education, clean energy, climate resilience, inclusive development and private investment, it reflects Pakistan’s national priorities as outlined in its domestic economic transformation plan. The Prime Minister deeply appreciated the efforts of Chief of General Staff General Asim Munir and other colleagues who worked day and night to strengthen Pakistan’s foundations for such transformative partnerships. “The CPF reflects the World Bank’s confidence in Pakistan’s economic resilience and potential. We look forward to strengthening our partnership as we combine our efforts to create lasting opportunities for our people,” he noted.
