World Bank’s decade-long $20bn funding programme launched in Pakistan
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The backdrop at the launch event of the Country Partnership Framework for Pakistan (FY26-FY35), organised by the World Bank Group, held in Islamabad on January 23, 2025. — Screengrab via Geo News
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The World Bank on Thursday launched its multi-billion funding program, the Country Partnership Framework for Pakistan from FY26 to FY35, which Prime Minister Shehbaz Sharif announced to help Pakistan tackle multiple challenges, including the economy, poverty and climate change. Called “timely intervention”. The crisis
“Today is a great day in Pakistan’s history in relation to the relationship with the World Bank,” the Prime Minister said while inaugurating the Country Partnership Framework for Pakistan from FY26 to FY35.
Prime Minister Shehbaz further said that the International Monetary Fund has helped the country over the decades and with its help, important projects have been made from hydel power generation to reforms in various national institutions including the Federal Board of Revenue (FBR). .
“This new program has a vision to transform Pakistan’s economy across the country, increase climate resilience, eradicate poverty, promote digitization, promote agriculture and IT-led initiatives.”
The prime minister termed this decades-long initiative as a sign of confidence of the World Bank in Pakistan.
Highlighting the achievements of the present government, the Prime Minister said that long overdue deep-rooted structural changes were being made in the state-run institutions. He admitted that these reforms should have been done decades ago but are being implemented now.
He specifically mentioned the digitization of the country’s revenue board, saying that the process is progressing rapidly and is on track.
The Prime Minister also said that a pilot project of faceless interaction between importers and customs officials is now working at Karachi port which will be replicated at other ports of the country including dry ports.
Prime Minister Shehbaz also thanked WB Vice President for South Asia Martin Ricer for the multi-billion funding programme.
He also praised the country’s economic team, bureaucrats and other experts for the successful launch of this initiative.
Concluding his remarks, Prime Minister Shehbaz announced that under the new programme, the country will witness major investments in various key sectors, including education and health, in addition to mitigating flood damage by 2022.
During the event, Vice President Riser pledged the World Bank’s continued support to Pakistan and highlighted that six sectors are being targeted under the 10-year framework.
The International Monetary Fund unveiled its plan for Pakistan earlier this month, pledging $20 billion in areas including clean energy and climate resilience.
Policy and institutional reforms will also be key to fostering private sector growth and increasing the financial capacity for government investment in key sectors, the World Bank said.
Zeeshan said, “We are focusing on prioritizing investment and advisory interventions that are key to Pakistan’s sustainable growth and job creation, including energy and water, agriculture, access to finance, manufacturing and digital infrastructure. I will support much needed private investment.” Sheikh, the bank’s International Finance Corporation country manager for Pakistan and Afghanistan, said in a statement.
The World Bank has currently pledged about $17 billion to Pakistan for 106 ongoing projects.
The country has been on the brink of economic crisis for several years and economists and international financial institutions have called for major economic reforms.
Pakistan is currently under a $7 billion International Monetary Fund bailout program, which requires the country to increase government revenues and increase external sources of financing, most of which are loans from China and Gulf countries. come from
