Islamabad, May 8, 2024 – In a meeting held on Wednesday, Pakistan has made a strong appeal to the World Bank to broaden its development activities in the country by incorporating innovative financing mechanisms and boosting private sector engagement.
This request was made during a discussion between Ahad Khan Cheema, the Federal Minister for Economic Affairs, and Martin Raiser, the World Bank’s South Asia Regional Vice President.
During the meeting, which marks a critical juncture in Pakistan’s push towards accelerated economic stability and growth, Minister Cheema expressed his appreciation for the World Bank Group’s continuous support to Pakistan. A press release detailing the event highlighted the Minister’s acknowledgment of the World Bank’s role in guiding the development of the new Country Partnership Framework, which aims to set the stage for Pakistan’s development initiatives over the next decade.
Minister Cheema emphasized the importance of removing hurdles in project implementation and fast-tracking the execution process. He proposed that the World Bank expand its portfolio in Pakistan by adopting more creative financial options and fostering greater private sector involvement, with additional backing from the International Finance Corporation (IFC).
Vice President Raiser lauded the Pakistani Government’s commitment to driving the country towards economic rejuvenation. He noted the promising advancements in various sectoral projects and socioeconomic reforms which he believed would pave the way for a thriving future for Pakistan’s populace.
Expressing his commitment, Raiser stated that the World Bank is keen on deepening its partnership with Pakistan, particularly in critical areas such as human capital development, climate resilience, agriculture enhancement, energy sector improvement, water resource management, and the promotion of decent employment opportunities.
The discussions also led to the signing of a Joint Communique, which established a mutual agreement to pursue a focused, long-term partnership under the newly framed Country Partnership Framework. This framework includes annual reviews designed to assess progress and make necessary adjustments to ensure the achievement of transformative developmental impacts. Among the primary focuses are structural economic reforms, foundational learning improvements, energy sector restructuring, climate adaptation strategies, and the expansion of economic opportunities, particularly in the agricultural sector.
In his concluding remarks, Minister Cheema thanked Vice President Raiser and his delegation for their constructive visit and reiterated Pakistan’s dedication to providing comprehensive support at all governmental levels to guarantee the success of both ongoing and upcoming development projects.
This meeting underscores a pivotal moment in Pakistan’s development trajectory as it seeks to harness both public and private resources in driving forward its economic agenda. With the World Bank’s reinforced support, Pakistan looks forward to a future marked by robust economic growth and enhanced quality of life for its citizens.
