Prime Minister Shehbaz Sharif welcomed an investment of $ 40 billion by the World Bank on Monday, stating that the entrance will open “a new chapter” in several sectors of the economy, according to a statement issued by its office.
In January, an official statement announced that the World Bank promised to provide $ 20 billion to Pakistan under a 10 -year country association framework (CPF) to support inclusive and sustainable development within the country.
According to the prime minister’s statement, Prime Minister Shehbaz welcomed a delegation of nine executive directors of the World Bank in Islamabad today.
“According to the recent framework of World Bank Association, an investment of $ 40 billion in Pakistan will be made, which is welcome,” said the statement citing the prime minister.
“With the support of the World Bank, several important projects were built in Pakistan for national development and reconstruction, which played an important role in the development of Pakistan,” he added.
The prime minister also said that Pakistan benefited from his association with the World Bank, since he provided support from the country after the devastating floods of 2022 and supported multiple development projects.
According to the statement, Prime Minister Shehbaz said that $ 20 billion will be invested in the private sector of Pakistan under the International Finance Corporation, while $ 20 billion will be used to open “a new development chapter … in several sectors that include health, education, youth development and others. “
“I am grateful for the World Bank confidence in our government’s policies,” said the prime minister. “The country’s program for the institution and economic reform is progressing rapidly, while the economy is directed in the right direction.”
Prime Minister Shehbaz said that there is still a way to go to achieve sustainable economic development, he added that any credit for improvement must go to his team.
The members of the delegation appreciated the Pakistan reform program and pointed out that it was throwing positive results, qualifying it as “positive development.”
“Pakistan’s trip to economic reform is progressing quickly under the leadership of the prime minister,” said the World Bank delegation. The statement added that the delegation will discuss investments and economic development projects during its visit.
Progress report
According to the statement, the prime minister reported the delegation on the progress of Pakistan’s economic reforms, stating that there were positive developments.
“Our exports and remittances are increasing,” he said. “The investment in manufacturing has increased due to low interest rates and by controlling corruption, work in digitalization in the FBR (Federal Income Board) continues priority.”
Prime Minister Shehbaz also added that in the electricity sector, the country has experienced an “uninterrupted power supply” together with a deficit reduction.
The Prime Minister continued: “Through SFC (Special Council for Investment Facilitation), we have created an attractive environment for investors. This unique system involves all interested parties. “
