Prime Minister Shehbaz Sharif on Thursday described the World Bank’s country partnership framework (CPF) as a landmark initiative created through a decade long strategic cooperation to increase employment opportunities, IT-led initiatives and climate contradictions to ensure economic stability.

He spoke to the launch ceremony for the landmark $ 20 billion Country Partnership Framework (CPF), which is a transformative initiative that marks the longest development partnership ever between Pakistan and the global financial institution. Strategic cooperation aims to address Pakistan’s urgent economic and developmental challenges while promoting growth, climate resistance and technological advances.

The Prime Minister thanked the World Bank for trusting Pakistan after promising to provide $ 20 billion under the 10-year country partnership framework (CPF) last week.

The Prime Minister emphasized that the World Bank had supported Pakistan through various key projects, ranging from hydropower and water management to transformative economic reforms.

He expressed gratitude to the World Bank’s team for their leadership in the design of the framework, and described it as a timely intervention to overcome Pakistan’s enormous challenges.

The Prime Minister highlighted the progress of the digitization of the Federal Board of Revenue (FBR), by introducing a pilot project in Karachi Port to reduce cooperation between importers and customs officials. The initiative, which offers faceless interactions, aims to increase the income of the inland and at the same time curb corruption, he added.

“These funds will be channeled to social protection projects for Pakistan’s most vulnerable populations,” he explained.

The Prime Minister assured the government’s complete obligation to implement CPF and called for unity among politicians, experts and bureaucrats to achieve the ambitious goals of the framework.

“(World Bank’s) Vice President’s presence here demonstrates the World Bank’s confidence in Pakistan’s evolving system, which takes courageous, delayed steps towards vivacy and functionality,” he noted.

The Prime Minister printed his thanks to the World Bank Vice President in German and emphasized Pakistan’s readiness to a new development era with an emphasis on public-private partnerships and sustainable growth during CPF.

The World Bank Vice President of the Region of South Asia, Martin Raiser, praised Pakistan’s latest economic reform and repeated the institution’s commitment to the partnership.

“The CPF will anchor the necessary financial stability for Pakistan and the region,” he said, praising the Prime Minister’s leadership, calling for continued cooperation to ensure the success of the program.

NAJY BONHASSINE, the Country Director of the World Bank for Pakistan, said the $ 20 billion “is an indicative number that projects our current engagements, and the decision on project, program loans and provincial shares would be made after discussions with the authorities”. The goals are estimates based on what we have been able to achieve or can achieve, he added.

Pakistan’s average number of inhibitory children is 38 %, one of the highest worldwide, and exceeds 60 % in the poorest rural areas. The level of education is also low, with 25.4 million children aged 5-16 (one-third of the age group) without school, most of them girls.

Over the next decade, the World Bank is aiming to supply high quality health, nutrition and population services to 50 million people. It also plans to ensure that 30 million women use modern contraceptives and provide water, sanitation and hygiene services for 60 million people.

About 12 million children – almost half of those who are currently not going to school – will receive quality education. By 2035, 30 million people will achieve nutritional security and 75 million will achieve increased climate resilience.

Martin said the World Bank Group’s resources are not enough to reach the ambitions of the Country Partnership Framework, therefore there is a need to reach the private sector and catalyze the private sector’s investment. He said the World Bank would also collaborate with the international development partners to adapt the goals and gather resources.

The new CPF is strategically designed to complement the government’s program and to solve the country’s more important challenges, the vice president said.

The focus, lever and long -term approach and tangible goals are the essence of the new framework, and it marks a departure in the way we engage with Pakistan, Martin said. Pakistan is the pioneer of the revolution, and the World Bank board was also excited about the new approach, he added.

Martin Raiser, Vice President of the World Bank of South Asia, said the World Bank will adjust the course as the framework for the country’s partnership progresses. Some of the areas may develop faster than others, and the plans will be changed in the light of the new changes while keeping the long -term sustainable goals in mind, he added.

To a question, Najy said digital transformation is 100 % enabling for the government to reach Pakistan’s development goals. “This morning we had long discussions with President Nadra and looked at ongoing reforms and actions, and the potential of digital Pakistan is huge,” Najy said.

Digital transformation is a 100% enabling for the implementation of CPF and there is no doubt about it, he added.

Najy said there were also two coherent themes, transport infrastructure and digital solutions. He said there will be a need to build a lot of roads to reduce poverty in the field of education.

Najy said the World Bank’s new macroeconomic projections will be updated in April this year. The World Bank’s new framework also aims to increase Pakistan’s tax compared to GDP to 15 % within a decade and increase public spending to the lower half of the population by 60 %.

Zeeshan Sheikh, Country Manager for Pakistan and Afghanistan, said that the private sector’s investment today is very small compared to the total size of Pakistan’s economy and that the problems that inhibit the investment will be addressed under the new strategy.

A decade of partnership aims to solve the most difficult financial challenges facing the economy of Pakistan today, Dr. Kazim Niaz, Minister of Economic Affairs.