Prime Minister Shehbaz Sharif has welcomed the World Bank’s $20 billion commitment under the new Country Partnership Framework (CPF) for Pakistan. This strategic partnership focuses on sustainable development, private sector growth, and building human capital, promising to address the nation’s long-standing economic challenges.
Strengthening Pakistan-World Bank Relations
Speaking at a ceremony in Islamabad, PM Shehbaz highlighted the decades-long strong relationship between Pakistan and the World Bank. He commended the institution’s continued support for key reforms and infrastructure projects, particularly in hydropower generation and organisational reforms.
“Your support reflects the World Bank’s faith in Pakistan’s system, which is now undergoing significant structural changes that were long overdue,” the prime minister said.
Focus on Economic Transformation
The CPF aims to tackle critical areas, including energy sector reforms and revenue mobilisation. Shehbaz noted that the digitisation of the Federal Board of Revenue (FBR) is progressing rapidly, enhancing efficiency and transparency in the system.
A pilot project at Karachi Port has introduced faceless interaction between importers and customs officials, reducing corruption and streamlining processes. In conclusion the government plans to extend this initiative to other ports and airports across the country.
“This system will recover trillions of rupees in customs duties, inland revenues, and sales taxes in the coming months,” the prime minister stated. However these funds will be redirected to socioeconomic projects, poverty alleviation, and education.
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Reforms Driving Change
Shehbaz emphasized that these reforms reflect Pakistan’s commitment to economic transformation. However “This vision addresses the humongous challenges we face today. It is a timely intervention for our economic recovery,” he added.
The World Bank’s Vice President for South Asia, Martin Raiser, attended the event, symbolizing the institution’s dedication to Pakistan’s development. Shehbaz expressed gratitude to Raiser, World Bank President Ajay Banga, and the team in Pakistan for their efforts.
Long-Term Impact
The CPF’s 10-year timeline demonstrates a long-term approach to Pakistan’s development. prioritizing human capital and private sector growth, it aims to create a sustainable economic framework that benefits all segments of society.
In closing, PM Shehbaz reiterated the significance of these reforms for Pakistan’s future. In conclusion addressing Raiser in German, he thanked him for his unwavering commitment to supporting Pakistan’s progress.
The partnership signals renewed optimism for Pakistan’s development trajectory and underscores the global community’s confidence in the nation’s reform agenda.
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