PM Shehbaz terms WB’s $20b CPF 'confidence' in Pakistan’s economy

Prime Minister (PM) Shehbaz Sharif on Wednesday praised the World Bank’s (WB) $20 billion commitment to Pakistan under its first-ever 10-year Country Partnership Framework (CPF).

“CPF reflects the World Bank’s confidence in Pakistan’s economic resilience and potential. We look forward to strengthening our partnership as we align our efforts for creating lasting opportunities for our people,” the prime minister said in his post on X.

PM Shehbaz said that while focusing on six key areas, including child nutrition, quality education, clean energy, climate resilience, inclusive development, and private investment, CPF reflected Pakistan’s national priorities, as envisioned in its Home Grown Economic Transformation Plan.

The prime minister deeply appreciated the efforts of the Chief of the Army Staff General Asim Munir and other colleagues who had worked day and night to strengthen Pakistan’s foundation for such transformative partnerships.

The World Bank has committed to providing $20 billion to Pakistan, with 19 out of 24 directors voting in favour of the decision, ARY News reported citing sources.

Sources disclosed that under the 10-year Country Partnership Framework (CPF), the World Bank has pledged to grant $20 billion to Pakistan. To approve the framework, 19 out of 24 directors voted in favour of Pakistan.

Read More: Pakistan secures major funding from World Bank: sources

The sources stated that the World Bank will provide approximately three-quarters of the $20 billion through the International Development Association (IDA), while the remaining amount will be provided through the International Bank for Reconstruction and Development (IBRD).

The extended framework will focus on six key development sectors, and the CPF’s completion will be supported by additional funding from the International Finance Corporation.