Pakistan Secures $20B World Bank Partnership For Climate And Growth

Pakistan's Prime Minister announced a $20 billion partnership with the World Bank, targeting economic development amid climate challenges. The framework aims at clean energy, climate resilience, and private sector growth. Coalescing $17 billion for projects, Pakistan remains in an IMF program requiring financial reforms and external funding boosts.

Pakistan has entered a groundbreaking $20 billion agreement with the World Bank, focusing on economic development and climate resilience, Prime Minister Shehbaz Sharif announced. This ambitious partnership spans a decade, targeting sectors essential for sustainable growth and job creation.

The newly revealed Country Partnership Framework channels the World Bank's commitment into priority areas such as clean energy, agriculture, and digital infrastructure. Institutional reforms and fiscal expansion aim to bolster private sector growth, crucial for Pakistan's economic revival.

Currently undergoing a $7 billion bailout program from the International Monetary Fund, Pakistan's financial landscape demands significant reforms. With existing commitments of $17 billion to 106 projects, external loans from China and the Gulf remain pivotal for stabilizing the economy.

(With inputs from agencies.)