The World Bank has committed to provide $20 billion to Pakistan under the 10-year National Partnership Framework (PPF) to support inclusive and sustainable development within the country, according to an official statement.
According to the statement, the new framework for the country aimed to “support inclusive and sustainable development through a strong focus on building human capital,” as well as fostering lasting private sector growth.
“Our new decade-long partnership framework for Pakistan represents a long-term anchor for our joint commitment with the government to address some of the most serious development challenges facing the country: child stunting, learnings, their exceptional exposure to the impacts of climate. climate change and the sustainability of its energy sector,” said the country director of the World Bank, Najy Benhassine.
The framework, according to the statement, aimed to focus on several critical areas, such as reducing child stunting through increased access to safe water and sanitation services; reduce learning poverty through quality education; increase resilience to floods and other climate-related disasters; increase fiscal space and improve management and more progressive public spending for development; and increase productive and inclusive private investment to improve foreign trade balances.
Specific goals of the framework also included increasing the tax-to-GDP ratio to more than 15 percent and adding 10 gigawatts of renewable energy capacity.
Furthermore, the framework paid special attention to sustainable development goals (SDGs) such as providing quality education to 12 million Pakistani students and providing health services to 50 million citizens.
The MAP also seeks to provide clean water and sanitation facilities to 60 million people, strengthen food security for 30 million people, and increase access to family planning services for 30 million women.
Additionally, the MAP includes targets to address flood and disaster risks, which would benefit 75 million people across the country.
According to the statement, the ten-year framework is “well aligned with the key objectives of the recently launched National Economic Transformation Plan, Uraan Pakistan, and those of the Prime Minister’s Economic Transformation Agenda and Implementation Plan.”
Additionally, the framework priorities were formed through extensive consultations across the country with key stakeholders.
Pakistan has been a member of the World Bank since 1950. So far, the Bank has provided $40 billion in assistance to the country.
The Bank’s program in Pakistan is guided by a country partnership strategy with four priority areas of engagement: energy, private sector development, inclusion and service delivery.
The current portfolio of IBRD, IFC and MIGA in Pakistan includes 106 projects and a total commitment of $17 billion. Since 1950, the World Bank has provided more than $48.3 billion in assistance to the country.
