In a significant diplomatic and developmental milestone, Pakistan’s Prime Minister, Mian Muhammad Shehbaz Sharif, met with Martin Raiser, the Regional Vice President for South Asia at the World Bank. The meeting, held in Islamabad, focused on strengthening Pakistan’s long-term strategic partnership with the World Bank and expanding collaboration across multiple development sectors.
The Prime Minister warmly acknowledged the World Bank’s historic and continued support, particularly its unwavering assistance during the 2022 floods that devastated large swathes of the country. He emphasized that the World Bank’s involvement in Pakistan’s economic and social development spans more than seven decades—a partnership that has been instrumental in helping the country overcome economic and environmental challenges.
A Ten-Year Strategic Framework: $40 Billion Investment Vision
At the heart of the meeting was the announcement of a long-term collaboration framework—the Country Partnership Framework (CPF)—designed to span the next ten years. This framework envisions a financial engagement of approximately $20 billion initially, with the potential for total commitments reaching $40 billion.
According to the Prime Minister, this initiative reflects Pakistan’s ambition to achieve macroeconomic stability, reduce poverty, and stimulate inclusive growth by improving infrastructure, increasing human capital investments, and enhancing climate resilience.
Martin Raiser commended Pakistan’s reform agenda and reaffirmed the World Bank’s commitment to supporting the government’s development objectives. He highlighted the importance of strong implementation, governance reforms, and fiscal discipline to maximize the impact of investments.
Strategic Areas of Focus
The CPF will target several high-priority sectors critical for Pakistan’s economic stability and social equity. These include:
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Health and Education: Efforts will be made to improve access to quality healthcare and education across all provinces, especially in underdeveloped and remote regions.
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Climate Resilience and Disaster Management: The World Bank will support Pakistan in building infrastructure and systems to better withstand natural disasters, especially in the wake of increasing climate volatility and the traumatic experience of the 2022 floods.
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Clean Energy Transition: Investment will be directed towards renewable energy projects, improving energy efficiency, and reducing Pakistan’s reliance on fossil fuels.
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Digitalization and Innovation: The partnership seeks to accelerate digital transformation across government services and the private sector, enabling more transparent governance and promoting entrepreneurship.
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Agriculture and Food Security: The CPF will also address food insecurity by modernizing agricultural practices, improving water resource management, and ensuring nutritional programs for children.
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Private Sector Engagement: Recognizing the importance of a vibrant private sector, the framework aims to create a more business-friendly environment by reforming regulations and enhancing public-private partnerships (PPPs).
Rebuilding After the Floods
A significant part of the discussion centered on the aftermath of the devastating 2022 floods that displaced millions and inflicted billions in damages. The World Bank had been a key partner in the Post-Disaster Needs Assessment (PDNA) and contributed substantially to relief and recovery projects.
The Prime Minister emphasized the importance of climate-proofing Pakistan’s development agenda. He stated that sustainable development is no longer optional but essential, especially in a country increasingly vulnerable to natural calamities caused by climate change.
Reforms and Governance
Both parties agreed that the success of the CPF hinges on Pakistan’s commitment to structural reforms. The Prime Minister reassured the delegation of his government’s resolve to pursue difficult but necessary reforms in public finance, taxation, and governance.
Special emphasis was placed on:
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Improving revenue collection and tax base widening
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Enhancing transparency in public spending
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Promoting accountability in project implementation
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Streamlining bureaucratic procedures to boost investor confidence
Martin Raiser acknowledged these commitments and indicated the World Bank’s readiness to provide not just financial assistance, but also technical expertise and capacity-building support to help ensure successful implementation.
A Renewed Commitment
This meeting marked a new chapter in Pakistan’s development trajectory and its relationship with the World Bank. Both sides expressed satisfaction with the progress made so far and optimism about future engagements.
The Prime Minister reiterated his government’s gratitude for the World Bank’s long-standing support and lauded the role of international institutions in helping countries like Pakistan achieve resilience in the face of multifaceted challenges—from economic crises to climate disasters.
In closing, Shehbaz Sharif said, “Pakistan values its partnership with the World Bank. Together, we can chart a course toward sustainable development, inclusive growth, and prosperity for all Pakistanis.”
Reference: وزیراعظم سے ورلڈ بینک کے ریجنل نائب صدر کی ملاقات، طویل شراکت داری پر عالمی بینک کا شکریہ ادا کیا
