Historic World Bank Visit Sparks New Era of Development in Pakistan

A World Bank delegation visited Pakistan for the first time in two decades, discussing long-term cooperation. Prime Minister Shehbaz Sharif acknowledged the bank's support during the 2022 floods. The new Country Partnership Framework promises USD 40 billion investment, aiming to advance development programs nationwide.

For the first time in 20 years, a delegation of nine World Bank Executive Directors visited Pakistan, signaling a renewed commitment to long-term cooperation. This visit marks a pivotal moment as the country faces economic challenges exacerbated by recent catastrophic floods.

Prime Minister Shehbaz Sharif expressed gratitude for the World Bank's enduring partnership, credited with initiating significant national projects. He highlighted the bank's compassion, notably during the 2022 flooding that affected over 33 million citizens and claimed 937 lives. Sharif emphasized that under the bank's new Country Partnership Framework, a USD 40 billion investment will commence, promising to revolutionize development across Pakistan.

The delegation praised Pakistan's ongoing reform initiatives, particularly in sectors like energy, industry, and exports, viewing them as a catalyst for future growth. Discussions with government officials will focus on strategic implementations, while future IMF negotiations aim to address climate-induced damages, further cementing financial foundations with an anticipated USD 2.5 billion loan package.