ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday hailed the launch of the $20 billion Country Partnership Framework (CPF) as a historic and transformative initiative. This decade-long collaboration with the World Bank aims to address Pakistan’s economic and developmental challenges while fostering growth, resilience, and technological progress.
At the launch ceremony, PM Shehbaz described the CPF as the longest and most comprehensive development collaboration between Pakistan and the World Bank. He highlighted its focus on promoting employment opportunities, IT-led development, and climate resilience, along with ensuring economic stability.
The prime minister lauded the World Bank’s support through pivotal projects in hydropower, water management, and economic reforms. Expressing gratitude to the World Bank team for shaping the framework, he emphasized its role as a timely intervention to help Pakistan tackle pressing challenges.
PM Shehbaz also announced a pilot project at Karachi Port aimed at curbing corruption by reducing interactions between importers and customs officials. This initiative, which promotes faceless operations, is expected to enhance inland revenue collection.
“These funds will be channelled into social protection projects for Pakistan’s most vulnerable populations,” he said, reaffirming the government’s commitment to the CPF’s ambitious goals.
However, World Bank Country Director Najy Benhassine acknowledged the high risks involved in the decade-long partnership, which includes an indicative $20bn plan. He emphasized the need for structural and policy reforms, urging other development partners to contribute to Pakistan’s vast developmental needs.
“We are ambitious in taking risks,” Benhassine stated, noting that the CPF’s success would depend on effective implementation and adaptive strategies.
World Bank Vice President for South Asia, Martin Raiser, described the CPF as a strategic collaboration complementing government efforts to address critical challenges. He emphasized the framework’s six key outcomes, including reducing child stunting, enhancing climate resilience, transitioning to cleaner energy, and improving air quality.
The CPF also aims to attract private sector investment, with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) supporting efforts to unlock capital in underinvested sectors. IFC Country Manager Zeeshan Sheikh estimated $250-350bn would be required for climate action alone during the CPF period.
“The CPF approach aims to crowd in private capital alongside World Bank resources, focusing on a mix of public and private sector solutions and enabling policy reforms,” Raiser said.
The CPF will undergo a Performance and Learning Review in 2030, with potential adjustments as needed. Benhassine underscored the importance of digital connectivity and financial inclusion as enablers of development but refrained from commenting on interruptions to internet services.
PM Shehbaz called for unity among politicians, experts, and bureaucrats to achieve the framework’s ambitious targets, ensuring efficient resource utilization and alignment with Pakistan’s development priorities.
