Prime Minister Shahbaz Sharif expressed his gratitude for the $ 40 billion investment in Pakistan under the World Bank and called it a welcome development.
According to a statement from the Prime Minister’s office press wing, the prime minister met with a delegation of the World Bank’s directors, welcoming their visit to Pakistan.
He highlighted the long -standing partnership between the World Bank and Pakistan, which spans seven decades. Many significant projects supported by the World Bank have played a key role in the country’s development.
The Prime Minister stated that Pakistan has benefited greatly from his partnership with the World Bank, especially during the floods in 2022, when the World Bank provided considerable assistance to those affected. According to the recent framework for the country’s partnership, the World Bank is set to invest $ 40 billion in Pakistan, which is a positive development.
He further explained that $ 20 billion will be invested in various projects related to health, education, youth development and other social sectors marking the beginning of a new era with progress.
In addition, $ 20 billion will be invested in IFC in Pakistan’s private sector, which is expected to increase the country’s economy. He expressed appreciation of the World Bank’s confidence in government policy.
Shahbaz Sharif also mentioned that Pakistan’s institutional and economic reform program is progressing quickly. The country’s economy is moving in the right direction towards development. While further progress is required for sustainable economic growth, he credited the team’s efforts behind these improvements.
He also said that exports and transfers are rising, interest rates are declining, leading to more investments in the production sector, and transparency is introduced in systems for control of corruption. The government prioritizes digitization in reforms at the Federal Board of Revenue (FBR), while reforms in the energy sector aim to ensure uninterrupted electricity supply and reduce losses.
The Prime Minister noted that the creation of SFIC (Special Investment Facilitation Council) has provided an attractive environment for investments operating under a unique system involving participation from all stakeholders. The government has prioritized investment and partnership of loans.
The World Bank delegation praised Pakistan’s ongoing reform program and recognized the positive results achieved, which is encouraging. The delegation also praised the government’s reforms in energy, industry and export, privatization, taxation and other sectors.
It is worth mentioning that the World Bank delegation, which consists of nine executive directors, is visiting Pakistan. They oversee the portfolios in different countries on the World Bank and are in Pakistan to discuss economic development projects and investments.
The meeting attended Federal Ministers Ahsan Iqbal, Ahad Khan Cheema, Sardar Owais Khan Laghari, Dr. Musadiq Malik, prime ministers Ali Perez Malik, Shezda Fatima Khawaja, Prime Minister’s Coordinator Romaiza Khurshid Alam, Senator Sherry Rehman, Member of National Assembly. Nafisa Shah, Prime Minister’s representative of the polio program Ayesha Raza Farooq and other senior officials.
Meanwhile, Pakistan has begun to prepare to secure an additional $ 1.5 billion loan program from the International Monetary Fund (IMF), with negotiations scheduled to take place later this month.
Two IMF delegations are expected to visit Pakistan to conduct an economic review for both the new loan program and the next Tranche of the already -approved $ 7 billion program. The total discussions will cover a total loan amount of $ 2.5 billion.
According to sources, an IMF delegation will visit Pakistan on February 24 to negotiate $ 1.5 billion concession loans. This new loan program is reportedly aimed at tackling the damage caused by climate change.
