Prime Minister Shehbaz Sharif on Thursday thanked the World Bank for reposing trust in Pakistan after promising last week to provide $20 billion under the 10-year National Partnership Framework (PPF).
According to a statement from the World Bank, the new framework for the country aimed to “support inclusive and sustainable development through a strong focus on building human capital,” in addition to fostering lasting private sector growth.
On Saturday, World Bank CEOs emphasized the importance of effective coordination between the World Bank Group, the IMF and other key development partners to continue supporting the implementation of critical reforms in Pakistan, including those in the energy sector and domestic revenue mobilization, and to strengthen donor alignment.
Addressing a ceremony in Islamabad today, Prime Minister Shehbaz highlighted Pakistan’s “very strong relationship with the World Bank” over the years.
He highlighted several projects undertaken in Pakistan with the support of the world bank, including hydroelectric power generation in the water sector and reform of several important organizations such as the Federal Board of Revenue.
He expressed gratitude to World Bank Vice President for South Asia Martin Raiser who was present at the ceremony, World Bank President Ajay Banga and the World Bank team in Pakistan.
Addressing Raiser, he said: “Your presence here is a message to the people of Pakistan that the World Bank has faith in Pakistan’s system, which is now gaining vitality and has become functional and operational, undertaking deep-rooted structural changes that were long overdue. .
“This should have been done decades ago and it is being done today. But I believe in the fact that it is never too late,” he said.
He noted that the digitization of the Federal Board of Revenue (FBR) is “rapidly on track.”
In addition, the pilot project of anonymous interaction between importers and customs officials at Karachi port is operational, which will be replicated in all other airports and dry ports.
The prime minister noted that this would enhance economic recovery “to the tune of trillions of rupees in the coming months and years, not only in customs duties but also in domestic revenue and sales taxes.
“And, of course, greatly reduce corruption,” he said, adding that these funds would then be available for important socio-economic projects, alleviating poverty and promoting education.
“Therefore, this vision is a very timely intervention to address all these issues that Pakistan is facing as a huge challenge,” he said.
Prime Minister Shehbaz then addressed Raiser in German, his mother tongue, to thank him for his unwavering commitment to advancing the cause of Pakistan.
