ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday expressed his appreciation for the World Bank's historic pledge of $20 billion to Pakistan, announced under its first-ever 10-year Country Partnership Framework (CPF).

The Prime Minister described the framework as a testament to the World Bank's confidence in Pakistan's economic resilience and future potential. In a statement shared on the social media platform X, PM Shehbaz said, "The CPF reflects the World Bank's confidence in Pakistan's economic resilience and potential." This groundbreaking commitment, approved by the World Bank's Board of Directors on Tuesday, is the largest financial commitment ever made to Pakistan by the institution. The CPF, designed as a long-term framework for collaboration, is structured around six key development priorities: child nutrition, quality education, clean energy, climate resilience, inclusive development, and private investment. These areas have been identified as essential to Pakistan's growth, and the framework aligns with the nation's own economic transformation agenda, known as the Home Grown Economic Transformation Plan. The plan aims to improve Pakistan's overall economic and social fabric over the coming decade. The Prime Minister noted that the CPF would be closely monitored through an evaluation scorecard to track progress and ensure the achievement of key milestones. He highlighted that the World Bank would contribute approximately three-fourths of the $20 billion commitment through the International Development Association (IDA), with the remainder provided through the International Bank for Reconstruction and Development (IBRD). Additionally, the International Finance Corporation (IFC) will play a vital role in supporting the framework through additional funding.

Specific objectives outlined in the CPF include increasing Pakistan's tax revenue to over 15% of its GDP, adding 10 Gigawatts of renewable energy capacity, providing quality education to 12 million students, and delivering healthcare services to 50 million people. These goals reflect the Pakistani government's commitment to inclusive development and the provision of essential services to its population. PM Shehbaz also acknowledged the support of Pakistan's military leadership in laying the groundwork for such transformative partnerships. He praised Chief of Army Staff General Asim Munir for his contributions in strengthening Pakistan's foundation for such long-term collaborations. The Prime Minister emphasized that this partnership with the World Bank will help create lasting opportunities for the Pakistani people, ensuring sustainable economic and social development in the years ahead. The CPF is seen as a crucial step in enhancing Pakistan's economic stability and fostering stronger partnerships for the future. As the country continues its development journey, the $20 billion pledge is expected to provide vital support in addressing the nation's most pressing challenges.