WB investment to unlock new development avenues: PM

February 18, 2025 (MLN): The World Bank’s $20 billion investment in Pakistan’s health, education, youth development, and other social sectors is expected to pave new pathways for the country’s growth, Prime Minister Shehbaz Sharif said.

He made these comments during a meeting with a delegation of the World Bank’s Executive Directors in Islamabad.

Shehbaz Sharif welcomed the delegation, highlighting the long-standing partnership between Pakistan and the World Bank, which spans over seven decades.

He noted that the World Bank has played a key role in several major national development projects and has been instrumental in Pakistan’s progress.

The Prime Minister expressed gratitude to the World Bank for its unwavering support, especially during the devastating 2022 floods, which saw significant assistance directed towards the victims.

He also acknowledged the Bank’s trust in Pakistan’s government policies.

Shehbaz Sharif outlined that Pakistan’s institutional and economic reforms are advancing rapidly, and while the economy is moving in the right direction, there is still much work to be done to achieve sustainable development.

He highlighted the positive growth in exports, remittances, and investments in the manufacturing sector, driven by reduced policy rates, as per the press release.

The Prime Minister also emphasized the government’s efforts to enhance transparency, combat corruption, and reform the Federal Board of Revenue through digitization.

He shared updates on the power sector reforms, aimed at reducing losses and ensuring uninterrupted electricity supply.

Further, the government is fostering a favorable investment environment through the Special Investment Facilitation Council, which ensures the participation of all stakeholders.

Shehbaz Sharif reiterated that the government’s focus is on attracting investment and partnerships, rather than relying on loans.

In response, the World Bank delegation commended the government’s rapid progress on economic reforms, recognizing that the ongoing efforts are yielding positive results.

The delegation also praised Pakistan’s reforms in various sectors, including energy, industry, exports, privatization, and revenue.

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