Pakistan, WB discuss growth plan under $20bn Country Partnership Framework

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ISLAMABAD: Pakistan and the World Bank on Monday held a follow -up meeting to discuss the 10 -year -old country’s partnership framework (CPF), which includes promises of $ 20 billion for economic and financial reforms.

According to a press release issued by the Finance Ministry, the Finance Minister and the presidency of revenue, chaired by Senator Mohammad Aurangzeb, focused on the continued discussion on the financing of WB investment for economic reforms.

During the meeting, the bank team presented its ongoing work in connection with the preparation of a comprehensive national growth and financial program.

The program covers many important articles on economic and financial reforms, which include strategies that aims to unlock comprehensive and sustainable development barriers, mobilize revenue, improve cost quality, and increase performance and accountability in providing service.

One of the major targets of these reforms is to create the necessary conditions for increased productive private investment while allocating more public resources.

The World Bank also apprised the Finance Minister about the review of the data on the policy proposals and recommendations submitted from various chambers, commercial institutions and associations during pre -budget consultations.

It is mutually associated with the government’s preliminary budget process, which was brought forward in January this year to ensure a strong and realistic revenue policy based on stable economic concerns.

During the meeting, Aurangzeb emphasized the need for a comprehensive and integrated approach to financial, trade and private sector reforms, which extends to both the federal and provincial levels.

He highlighted the importance of designing reforms that encourage results based on performance -based indicators that are directly linked to human development and socio -economic growth.

The Finance Minister reiterated that the national financial integrated approach, such as the national financial agreement, for example, is very important to ensure economic stability. He emphasized that this united approach would be the basis for the achievement of the country’s aspirations for comprehensive and sustainable economic growth, which would ensure the welfare of all citizens.

B 20bn Funding Program

Earlier in January, the World Bank launched a Country Partnership Framework for Pakistan from its multi -billion funding program, fiscal year 26 to 35, which Prime Minister Shahbaz Sharif called “timely intervention” to help Pakistan cope with many challenges, to help Pakistan, and to help.

During the ceremony, the Vice President Razor promised the World Bank’s constant help to Pakistan and highlighted that six sectors were being targeted under the 10 -year framework.

The International Financial Organization has unveiled its plan for Pakistan, which promises $ 20 billion in areas, including clean energy and climate.

The World Bank said that policy and institutional reforms would also be important for promoting the increase in the private sector and increasing the financial space for public investment in key areas.

The World Bank has currently pledged about $ 17 billion from Pakistan for 106 ongoing projects.

The country has tampered on the brink of economic crisis for many years, and economists and international financial institutions have demanded major economic reforms.

Pakistan is currently under the International Monetary Fund Bailout Program of $ 7 billion, which requires the country to advance external sources of government tariffs and financing, most of which come from the debts of China and the Gulf countries.