Pakistan and the World Bank unveiled a pivotal collaboration on Wednesday, cementing a new, robust, and ambitious Country Partnership Framework (CPF) to propel the nation’s reform and development trajectory. The agreement transpired during a high-level meeting between Prime Minister Shahbaz Sharif and a delegation led by Martin Raiser, Regional Vice President of the World Bank for South Asia.
In his welcoming remarks, Prime Minister Shahbaz extolled the World Bank’s pivotal role in Pakistan’s development journey. He specifically acknowledged the Bank’s support in fortifying climate-resilient infrastructure post the 2022 floods. Moreover, he delineated the government’s reform agenda encompassing digitalization of the tax system, power sector enhancements, agricultural yield amplification, and measures to combat child stunting.
Applauding Pakistan’s vigorous reform agenda, Martin Raiser expressed the World Bank’s readiness to join hands with the nation in its pursuit of economic transformation for sustainable development. Both entities committed to a prolonged, focused partnership under the new Country Partnership Framework, featuring an annual review mechanism ensuring tangible progress. This strategy will retain flexibility for adaptive adjustments in the future, with aspirations to effect transformative impacts over the next decade.
The initial agenda, deliberated during the meeting, underscored structural economic reforms, with a spotlight on digitalization and tax policy enhancements for domestic resource mobilization. Human capital development, particularly targeting child stunting and foundational learning, garnered significant attention. Additionally, discussions encompassed energy sector reforms, emphasizing greater private sector involvement in transmission and distribution, and a transition to greener energy sources for affordability and sustainability.
Recognizing the imperative of coping with escalating water scarcity and climate-related adversities, both parties stressed collaborative efforts in climate adaptation. Leveraging the Bank’s expertise, Pakistan aims to enhance economic opportunities, notably in the agriculture sector, through global best practices, institutional capacity building, and digital transformation.
The preparatory process for the new Country Partnership Framework will entail comprehensive consultations with federal and provincial authorities, academia, parliamentarians, civil society, development partners, and the private sector. Alignment with Pakistan’s key development priorities and strategies will be paramount in determining partnership priorities.
Prime Minister Shahbaz presided over the signing of a joint communique, sealed by the World Bank’s Country Representative Najy Benhassine and Secretary of Economic Affairs Division Dr. Kazim Niaz, solidifying this pivotal collaboration.
