ISLAMABAD: Prime Minister Shehbaz Sharif expressed his enthusiasm on Monday over the World Bank’s (WB) $40 billion investment in Pakistan, calling it a significant step that would bring “a new chapter” to various economic sectors.
The PM made these remarks during a meeting with the World Bank Executive Directors’ team in Islamabad, as reported by ARY News. He acknowledged the long-standing partnership between Pakistan and the World Bank, spanning over 70 years. PM Shehbaz highlighted the WB’s vital role, particularly in aiding the flood-affected population in Pakistan during the 2022 floods.
He also shared that the $40 billion investment is part of the World Bank’s most recent Country Partnership Framework, describing it as promising. According to the PM, $20 billion will be allocated to projects in key sectors such as health, education, youth development, and other social areas, marking a new chapter of progress for Pakistan.
An additional $20 billion will come from the International Finance Corporation (IFC), which will be directed towards boosting private sector investments and accelerating economic development.
PM Shehbaz reiterated that Pakistan’s economic reforms were advancing quickly, with positive results already visible in areas such as exports, remittances, and investment in the production sector. He also emphasized the importance of further efforts for sustainable development, along with increasing transparency and digitization in systems like the Federal Board of Revenue (FBR).
The Special Investment Facilitation Council (SIFC) was credited with creating an attractive environment for investments through a unique system involving all stakeholders. The PM underscored that the government prioritized investment and partnerships over loans.
The World Bank delegation praised Pakistan’s reform efforts under the leadership of PM Shehbaz, particularly in energy, industrial development, and revenue generation. They acknowledged the significant progress Pakistan is making in its journey of economic reforms.
The delegation, comprising nine members, is currently visiting Pakistan to oversee various economic development projects and explore investment opportunities. The meeting was attended by several ministers and senior officials.
