Islamabad, Feb 17: A high-ranking delegation from the World Bank (WB) has arrived in Pakistan to engage in discussions about ongoing development initiatives and explore new investment prospects, according to ARY News reports.
The delegation, which includes Executive Directors from the World Bank, is focused on facilitating talks related to Pakistan’s economic growth, particularly the implementation of key projects. A significant point of discussion is the Country Partnership Framework (CPF), which was recently approved. The framework outlines a 10-year partnership agreement worth $20 billion between Pakistan and the World Bank, with plans to eventually double this amount to $40 billion.
Under the terms of the CPF, approximately 75% of the total $20 billion will be allocated through the International Development Association (IDA), while the remainder will come from the International Bank for Reconstruction and Development (IBRD). The extended partnership will target several vital development sectors, with additional financing for the CPF’s completion expected from the International Finance Corporation (IFC).
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During their visit, the World Bank delegation will meet with senior Pakistani government officials, including Prime Minister Shehbaz Sharif, Finance Minister Muhammad Aurangzeb, and ministers from Economic Affairs, Planning and Development, and Energy. These discussions will be crucial for setting the stage for future cooperation and ensuring the successful execution of the development programs outlined in the CPF.
This visit follows closely on the heels of the International Monetary Fund (IMF) delegation’s recent trip to Pakistan, where concerns were raised about the delayed decision-making process surrounding investments. The IMF emphasized the importance of addressing these issues promptly to facilitate smoother business operations and attract more foreign investments into the country.
As Pakistan continues to work with international financial institutions like the World Bank and IMF, these discussions are expected to play a key role in shaping the nation’s economic trajectory and ensuring the long-term sustainability of its development efforts.
