The World Bank has pledged to provide $40 billion to Pakistan under the 10-year Country Partnership Framework, according to sources in Ministry of Economic Affairs.
The sources termed the commitment as a testament to the successful efforts of Prime Minister Shehbaz Sharif in securing international support for Pakistan’s economic growth, adding the joint efforts by PM and Army Chief, General Asim Munir have started producing results.
Out of the total $40 billion, $20 billion would be provided through International Development Association and International Bank for Reconstruction and Development.
The CPF will focus on six key development areas, including reducing child stunting, mitigating climate change, improving learning outcomes, providing clean water, and promoting public resources and private investment for comprehensive development.
The International Finance Corporation will also provide funding of $20 billion to support the CPF.
Specific goals include increasing tax revenue to over 15% of GDP, adding 10 Gigawatts of renewable energy capacity, providing quality education to 12 million students, and delivering healthcare services to 50 million people.
The framework also aims to provide safe drinking water and sanitation facilities to 60 million people, strengthen food security for 30 million individuals, and increase access to family planning services for 30 million women.
Additionally, the CPF includes objectives to address flood and disaster risks, benefiting 75 million people, the sources added.
It is worth mentioning, 19 out of 24 directors voted in favor of Pakistan when approving the 10-year Country Partnership Framework.—APP
