ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday hailed the $20 billion Country Partnership Framework (CPF) with the World Bank as a groundbreaking initiative to address Pakistan’s developmental challenges and boost economic growth. Speaking at the launch ceremony, he described the decade-long collaboration as a transformative partnership promoting employment, IT-led development, and climate resilience.
The prime minister emphasized that the CPF is designed to foster growth, economic stability, and technological progress. He commended the World Bank’s support in hydropower, water management, and economic reforms, calling the framework a timely intervention to help Pakistan tackle its immense challenges. He also highlighted progress in digitizing the Federal Board of Revenue (FBR), announcing a pilot project at Karachi Port aimed at curbing corruption through faceless interactions to enhance inland revenue collection.
World Bank Country Director Najy Benhassine acknowledged the risks involved in the ambitious partnership, which includes $20 billion in planned investments over 10 years. He stressed the need for structural and policy reforms, alongside collaboration with other development partners, to ensure the framework’s success.
World Bank Vice President for South Asia Martin Raiser described the CPF as a timely initiative to complement government efforts while addressing critical challenges. The framework sets six key targets, including reducing child stunting, enhancing climate resilience, transitioning to clean energy, and improving air quality.
The CPF aims to unlock private investment, leveraging support from the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) to mobilize resources in underinvested sectors. IFC Country Manager Zeeshan Sheikh estimated the need for $250-350 billion in climate action investments during the CPF period.
By aligning efforts and leveraging joint programs, the CPF seeks to ensure efficiency and impact, marking a pioneering shift in the World Bank’s country engagement model.
Story by Khaleeq Kiani
