PM calls $20bn CPF a pathway to economic stability

January 24, 2024 (MLN): To address Pakistan’s pressing economic and developmental challenges Prime Minister Muhammad Shehbaz Sharif has termed the $20 billion Country Partnership Framework (CPF) of the World Bank a landmark initiative.

The CPF, developed through a decade-long strategic cooperation, aims to boost employment opportunities, promote IT-led initiatives, enhance climate resilience, and foster growth and technological advancement, all while ensuring economic stability.

The discussion took place during the launch ceremony of the landmark CPF, which is a transformative initiative marking the longest-ever development partnership between Pakistan and the global financial institution, according to the press release issued.

The prime minister underscored that the World Bank had supported Pakistan through various pivotal projects, ranging from hydropower and water management to transformative economic reforms.

He expressed gratitude to the World Bank team for their leadership in shaping the framework, describing it as a timely intervention to overcome Pakistan’s immense challenges.

The prime minister highlighted the progress in digitizing the Federal Board of Revenue (FBR), introducing a pilot project at Karachi Port to reduce collusion between importers and customs officials.

The initiative, which features faceless interactions, aims to increase inland revenue while curbing corruption, he added.

“These funds will be channeled into social protection projects for Pakistan’s most vulnerable populations,” he explained.

PM Shehbaz assured the government’s full commitment to implementing the CPF, urging unity among politicians, experts, and bureaucrats to achieve the framework’s ambitious targets.

“The World Bank vice president’s presence here demonstrates the World Bank’s confidence in Pakistan’s evolving system, which is taking bold, overdue steps toward vibrancy and functionality,” he remarked.

The prime minister extended his vote of thanks to the World Bank Vice President in Germany and underscored Pakistan’s readiness for a new era of development, with an emphasis on public-private partnerships and sustainable growth under the CPF.

World Bank Vice President for the South Asia Region, Martin Raiser, praised Pakistan’s recent economic reforms and reiterated the institution’s commitment to the partnership.

“The CPF will anchor the economic stability needed for Pakistan and the region,” he said, commending the prime minister’s leadership and urging continued collaboration to ensure the program’s success.

Economic Affairs Division Minister Ahad Khan Cheema also emphasized the CPF’s scope, noting its $20bn investment in health, education, climate resilience, and rehabilitation projects following the devastating 2022 floods.

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