The World Bank’s $20 billion investment in Pakistan’s health, education, youth development, and other social sectors is set to open new avenues for the country’s growth, said Prime Minister Shehbaz Sharif.
During a meeting with a delegation of the World Bank’s Executive Directors in Islamabad, Shehbaz Sharif welcomed the guests and emphasized the long-standing partnership between Pakistan and the World Bank, which has spanned over seven decades.
He acknowledged the World Bank’s vital role in supporting several key national development projects and its significant contribution to Pakistan’s progress over the years.
The Prime Minister expressed gratitude for the Bank’s steadfast support, particularly during the catastrophic 2022 floods, when substantial assistance was extended to the affected communities.
Shehbaz Sharif also appreciated the World Bank’s confidence in the Pakistani government’s policies and ongoing reform efforts.
He highlighted that Pakistan’s institutional and economic reforms are moving forward swiftly. While the economy is heading in the right direction, he admitted that more work is needed to achieve sustainable development.
According to the press release, the Prime Minister pointed out positive trends in exports, remittances, and investments in the manufacturing sector, supported by the government’s move to lower policy rates.
He stressed the government’s focus on boosting transparency, fighting corruption, and reforming the Federal Board of Revenue through digitization.
Additionally, Shehbaz Sharif discussed power sector reforms aimed at minimizing losses and ensuring a steady electricity supply across the country.
To encourage investment, he highlighted the Special Investment Facilitation Council, which brings together all stakeholders to create a business-friendly environment.
The Prime Minister reiterated that the government’s priority is to attract investments and build partnerships, moving away from a reliance on loans.
In response, the World Bank delegation praised the Pakistani government’s swift progress on economic reforms, acknowledging the positive impact of these ongoing efforts.
The delegation also commended Pakistan’s reforms in various sectors, including energy, industry, exports, privatization, and revenue generation.
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