Prime Minister Muhammad Shehbaz Sharif on Thursday termed the Country Partnership Framework (CPF) of the World Bank as a landmark initiative forged through decade-long strategic cooperation to boost employment opportunities, IT-led initiatives and climate resilience ensuring economic stability.
He was addressing the launching ceremony of the landmark US$20 billion Country Partnership Framework (CPF) which is a transformative initiative marking the longest-ever development partnership between Pakistan and the global financial institution. The strategic collaboration aims to address Pakistan’s pressing economic and developmental challenges while fostering growth, climate resilience, and technological advancement.
The prime minister underscored that the World Bank had supported Pakistan through various pivotal projects, ranging from hydropower and water management to transformative economic reforms.
He expressed gratitude to the World Bank team for their leadership in shaping the framework, describing it as a timely intervention to overcome Pakistan’s immense challenges.
The prime minister highlighted the progress in digitizing the Federal Board of Revenue (FBR), introducing a pilot project at Karachi Port to reduce collusion between importers and customs officials. The initiative, which features faceless interactions, aims to increase inland revenue while curbing corruption, he added.
“These funds will be channeled into social protection projects for Pakistan’s most vulnerable populations,” he explained.
PM Shehbaz assured the government’s all-out commitment to implementing the CPF, urging unity among politicians, experts and bureaucrats to achieve the framework’s ambitious targets.
“The (World Bank’s) vice president’s presence here demonstrates the World Bank’s confidence in Pakistan’s evolving system, which is taking bold, overdue steps toward vibrancy and functionality,” he remarked.
The prime minister extended his vote of thanks to the World Bank Vice President in German language and underscored Pakistan’s readiness for a new era of development, with an emphasis on public-private partnerships and sustainable growth under the CPF.
World Bank Vice President for South Asia Region Martin Raiser praised Pakistan’s recent economic reforms and reiterated the institution’s commitment to the partnership.
“The CPF will anchor the economic stability needed for Pakistan and the region,” he said, commending the prime minister’s leadership and urging continued collaboration to ensure the program’s success.
Economic Affairs Division Minister Ahad Khan Cheema also emphasized the CPF’s scope, noting its $20 billion investment in health, education, climate resilience, and rehabilitation projects following the devastating 2022 floods.
Deputy Prime Minister and Foreign Minister, Senator Mohammad Ishaq Dar, Federal Ministers Attaullah Tarar, Owais Khan Leghari, Musadik Masood Malik, Romina Khurshid Alam, Abdul Aleem Khan and others were also present on the occasion.