ISLAMABAD: Prime Minister Shehbaz Sharif welcomed a $40 billion investment by the World Bank on Monday, stating that the inflow will open “a new chapter” in various sectors of the economy, according to a statement issued by his office.
In January, an official statement announced that the World Bank pledged to provide $20bn to Pakistan under a 10-year country partnership framework (CPF) to support inclusive and sustainable development within the country.
According to the statement from Prime Minister House, PM Shehbaz welcomed a delegation of nine World Bank executive directors in Islamabad today.
“Under the World Bank’s recent Country Partnership Framework, an investment of $40bn will be made in Pakistan, which is welcome,” the statement quoted the prime minister as saying.
“With the support of the World Bank, several major projects were built in Pakistan for national development and reconstruction, which played an important role in Pakistan’s development,” he added.
The PM further said that Pakistan benefitted from its partnership with the World Bank, as it provided support to the country in the aftermath of the devastating floods of 2022 and supported multiple development projects.
According to the statement, PM Shebaz said that $20bn will be invested into Pakistan’s private sector under the International Finance Corporation, while $20bn will be used to open “a new chapter of development … in various sectors including health, education, youth development and others”.
“I am grateful for the World Bank’s confidence in our government’s policies,” the PM said. “The country’s programme for institution and economic reform is progressing swiftly, while the economy is heading in the right direction.”
PM Shebaz noted that there is still a way to go to achieve sustainable economic development, adding that any credit for the improvement must go to his team.
Members of the delegation appreciated Pakistan’s reform programme and noted that it was yielding positive results, calling it a “positive development”.
“Pakistan’s journey towards economic reform is progressing swiftly under the leadership of the Prime Minister,” the World Bank delegation was quoted as saying. The statement added that the delegation will discuss investments and economic development projects during their visit.
Progress report
According to the statement, the PM apprised the delegation about the progress of Pakistan’s economic reforms, stating that there were positive developments.
“Our exports and remittances are increasing,” he said. “Investment in manufacturing has risen due to low interest rates and to control corruption, work on digitisation in the FBR (Federal Board of Revenue) is continuing on a priority basis.”
PM Shehbaz also added that in the power sector, the country has experienced an “uninterrupted power supply” alongside a deficit reduction.
The PM continued: “Through SIFC (Special Investment Facilitation Council), we have created an attractive environment for investors. This unique system involves all stakeholders.”
