World Bank pledges $20bn to Pakistan for development goals
The World Bank has pledged to provide 20 billion US dollar to Pakistan under the 10-year country partnership framework (CPF) to support inclusive and sustainable development within the country, an official statement said.
The newly introduced framework seeks to focus on 'inclusive and sustainable development' by prioritizing investments in human capital and encouraging robust private sector growth.
'Our decade-long partnership framework for Pakistan provides a long-term foundation for collaborative efforts with the government to tackle some of the country’s most pressing development challenges. These include addressing child stunting, reducing learning poverty, enhancing resilience to climate change, and ensuring the sustainability of the energy sector,' stated Najy Benhassine, the World Bank Country Director for Pakistan.
The $20 billion funding will be provided through the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD).
Key objectives of the framework include combating child stunting through expanded access to clean water and sanitation, addressing learning poverty by improving education quality, strengthening resilience against floods and climate-related disasters, enhancing fiscal management, and promoting progressive public expenditures for development. Additionally, the CPF aims to foster productive private investments to boost external trade balances.
Specific targets outlined under the framework include increasing Pakistan’s tax-to-GDP ratio to over 15% and adding 10 gigawatts of renewable energy capacity.
Since joining the World Bank in 1950, Pakistan has received $40 billion in assistance from the World Bank.
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