Prime Minister Shehbaz Sharif on Wednesday welcomed the World Bank’s (WB) pledge of $20 billion for Pakistan under its first-ever 10-year Country Partnership Framework (CPF).
“CPF reflects the World Bank’s confidence in Pakistan’s economic resilience and potential,” said PM Shehbaz, in a post on the social media platform X.
The World Bank’s Board of Directors approved the first-ever 10-year CPF for Pakistan on Tuesday, marking the largest commitment in the nation’s history. This extended framework focuses on six key development areas, supported by a monitoring and evaluation scorecard to track progress.
PM Shehbaz said that while focusing on six key areas, including child nutrition, quality education, clean energy, climate resilience, inclusive development, and private investment, CPF reflects Pakistan’s priorities, as envisioned in the Home Grown Economic Transformation Plan.
The prime minister also acknowledged Chief of Army Staff General Asim Munir’s contributions “to strengthen Pakistan’s foundation for such transformative partnerships”.
“We look forward to strengthening our partnership as we align our efforts for creating lasting opportunities for our people,” he added.
Under the CPF, the World Bank will provide approximately three-fourths of the $20 billion through the International Development Association (IDA), while the remaining amount will be provided through the International Bank for Reconstruction and Development (IBRD).
The International Finance Corporation (IFC) will also provide additional funding to support the CPF.
Specific goals under the CPF include increasing tax revenue to over 15% of GDP, adding 10 Gigawatts of renewable energy capacity, providing quality education to 12 million students, and delivering healthcare services to 50 million people.
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