The World Bank Group President Ajay Banga met Prime Minister Shehbaz Sharif in New York, where the prime minister paid tribute to the bank’s long-standing support for Pakistan, especially under Covid-19 Pandemic and the devastating floods of 2022.
PM Shehbaz briefed Banga on the government’s extensive reform agenda, which covers the mobilization of resource, energy sector reforms, privatization and measures to build up resistance to climate change.
He said these reforms have controlled Pakistan against macroeconomic stabilization, restored investors’ confidence and promoted sustainable, inclusive economic growth.
The Prime Minister expressed appreciation of the World Bank’s new national partnership framework (2026–2035), where the course has committed an unprecedented $ 40 billion for Pakistan.
He confirmed Pakistan’s obligation to ensure its effective implementation in close coordination with provincial governments.
Read: Kashmiris’ right to self -government that is not marketable, says OIC
Banga praised the reform measures in progress and confirmed the bank’s obligation to Pakistan’s development agenda and emphasized emergency preparedness to expand continued support to promote economic reforms and long-term climate-resilience initiatives under the new CPF.
Both sides reiterated their decision to further strengthen cooperation within the framework to promote Pakistan’s developmental priorities.
WB warns Pakistan’s growth model that doesn’t cut poverty
The World Bank has warned that Pakistan’s economic growth model fails to reduce poverty, with levels of poverty rising to an eight-year height. In his report “Reclaiming Momentum against Prosperity”, the bank said 25.3% of Pakistanis lived below the national poverty line in FY2023-24, an increase of 7% in just three years.
On the international poverty line, the figure stood at a staggering 44.7%. It added that 42.7% of the hopeful middle class remains deprived of basic services such as clean water, sanitation, housing and affordable energy.
The report pointed to composite shocks – including flooding from 2022, driving 13 million more people in poverty – as well as high inflation and weak delivery of public service.
Rural poverty was registered at 28.2% compared to 10.9% in urban areas, with Balochistan worst hit of 42.7%. Punjab had the lowest rate of 16.3%, but still accounted for 40% of the country’s poor due to its population size.
The World Bank on X depicted the poverty track
With 37% of youth out of work or education and female workforce participation at 25.4%, the World Bank said that Pakistan’s consumption -driven growth has left most households very vulnerable.
It called for structural reforms, stronger development of the private sector, and measures to expand jobs and opportunities to protect the hard -won poverty reduction gains.
Pakistan at Unga
PM is in New York from September 22 to September 26 to lead Pakistan’s delegation at the 80th session in the United Nations General Assembly (Unga), where he focuses on Kashmir, Palestine, Gaza, Regional Security, Climate Change, Terrorism, Islamophobia and Sustainable Development.
Pakistan raised the question of Indian illegally occupied Jammu and Kashmir on the sidelines for the organization of Islamic Cooperation Meeting during the United Nations General Assembly 80 session.
Read more: PM Shehbaz heads to New York to participate in 80. Unga
In a foreign office declaration, Pakistan-of Azerbaijan, Türkiye, Saudi Arabia, and Niger- “unshakable support to the unmistakable right of Kashmiri people to self-determination.”
On the sidelines, he attends meetings with the UN Security Council, the Global Development Initiative and a special high-level event on climate measures, while also holding bilateral conversations with world leaders and senior UN officials.
His participation, according to the Foreign Office, confirms Pakistan’s commitment to multilateralism and the UN.
