Pakistan is set to receive a massive $40 billion investment from the World Bank as part of its Country Partnership Framework. This investment aims to strengthen key sectors such as health, education, youth development, and private businesses.
Prime Minister Meets World Bank Delegation:
For the first time in 20 years, nine Executive Directors from the World Bank visited Pakistan to evaluate the progress of ongoing projects. Prime Minister Shehbaz Sharif welcomed the delegation and provided insights into how the funds will be utilized. He explained that half of the investment, around $20 billion, will support public welfare programs, including improvements in healthcare, education, and opportunities for young people. The other $20 billion will be directed toward private sector growth through the International Finance Corporation (IFC).
Focus on Economic Reforms:
During the meeting, the prime minister highlighted Pakistan’s efforts in economic reform, including:
- Digitalization of the Federal Board of Revenue (FBR) to control inflation and enhance tax collection.
- Energy sector improvements to ensure sustainable power supply and reduce electricity costs.
- Boosting industries and exports to strengthen Pakistan’s economy.
- Privatization and revenue generation policies to attract more investment.
Praise from the World Bank:
The World Bank delegation appreciated Pakistan’s progress in key areas, particularly energy, industry, and privatization. They acknowledged the government’s initiatives as effective in driving economic growth and stability.
Encouraging Investments, Not Loans:
Prime Minister Shehbaz emphasized that Pakistan prefers investment and partnerships over traditional loans. He mentioned that the Special Investment Facilitation Council (SIFC) is playing a key role in bringing foreign direct investment into the country.
Future Prospects:
This financial boost from the World Bank is expected to bring long-term economic benefits, create job opportunities, and enhance Pakistan’s overall development. The government remains committed to strengthening partnerships with international organizations to ensure steady progress in the country’s infrastructure and economy.
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