THE World Bank launched its multi-billion funding programme, Country Partnership Framework for Pakistan from FY26 to FY35, on Thursday which Prime Minister Shehbaz Sharif termed as a “timely intervention” to help Pakistan cope with several challenges, including economy, poverty and climate change crisis. The PM added that the global financial institution has supported the country over the decades and vital projects were built with its assistance, ranging from hydel power generation to reforming various national organizations including the Federal Board of Revenue (FBR).
Pakistan and the World Bank have a long history of partnership, which helped the country accelerate the pace of socio-economic development, especially in areas that matter much for people of Pakistan. The World Bank’s latest $20 billion lending for Pakistan will focus on six outcomes: improving education quality, tackling child stunting, boosting climate resilience, enhancing energy efficiency, fostering inclusive development and increasing private investment. The programme has special significance as it not only strengthens the country’s ability to address some of the serious issues of economy and development but also sends positive signals to other bilateral and multilateral donors. The programme, therefore, reflects confidence of the Bank in the economic future of the country in the backdrop of ongoing process of reforms and restructuring, a point, which was also highlighted by the Prime Minister. The prospects are there and the global financial institutions are ready to cooperate but Pakistan has to address some other related issues to turn the aid inflows into tangible benefits. It is because of lack of proper planning and sluggish pace of implementation of the agreed projects that allocations remain under utilized and undisbursed. Therefore, we will have to enhance our capacity to utilize the funding properly and in a way that strengthens Pakistan’s ability to pay back. There is also an urgent need to improve the overall security environment in all parts of the country, especially in project areas to ensure timely completion of the projects. The Prime Minister has underlined that Pakistan will need more resources to have the impact at the scale we wish to achieve. True but more important is actual implementation that requires close coordination among all stakeholders including provinces and a vigilant mechanism to oversee the progress of all projects.
