Pakistan, World Bank reaffirm commitment to development partnership
Pakistan and the World Bank have reaffirmed
their long-standing development partnership during high-level consultations in
Washington, D.C., solidifying mutual commitment to the newly launched $40 billion
Country Partnership Framework (CPF) 2026–2035.
The announcement followed a meeting between
Federal Minister for Economic Affairs Ahad Khan Cheema and senior World Bank
leadership, held during Cheema’s official visit to the United States. According
to a statement from the Economic Affairs Division (EAD) on Friday, both sides
emphasized the importance of effective and timely implementation of the CPF.
In talks with Anna Bjerde,
Managing Director of Operations, and Martin Raiser, South Asia Regional
Vice President, Cheema welcomed the deepened collaboration with the World Bank
over the past year.
Read More World
Bank acknowledges Pakistan’s improving economic stability
“This enhanced partnership has culminated in
the CPF 2026–2035 — a transformative, ten-year strategy backed by a historic
$40 billion commitment from the World Bank,” the EAD said.
Cheema expressed gratitude for the World
Bank’s sustained support during critical times, such as the COVID-19 pandemic
and the devastating 2022 floods.
“As our largest development partner, the World
Bank has played an indispensable role in Pakistan’s socio-economic progress and
improving the lives of our people,” he stated.
With the CPF officially launched, Cheema underscored
the government’s priority to develop a comprehensive implementation framework
in collaboration with the World Bank to ensure maximum impact.
He also welcomed Pakistan’s administrative
transition to the World Bank’s Middle East and North Africa (MENA) Region,
under Vice President Ousmane Dione, citing potential for
greater regional cooperation and knowledge sharing.
Read More Pakistan’s
economy could reach $1 trillion by 2035: World Bank
In a separate meeting with Abdelhak
Bedjaoui, World Bank Executive Director, Cheema acknowledged
his effective representation of Pakistan’s interests and proposed regular
visits by executive directors to better understand development challenges and
opportunities in their constituencies.
The EAD also highlighted recent World Bank
approvals, including:
·
$700 million for
the Reko
Diq mining project
·
$400 million for
a Risk
Participation Facility, both of which moved forward despite
initial objections
Cheema concluded by reaffirming Pakistan’s
commitment to working closely with the World Bank’s country team to advance the
CPF’s ambitious development goals and deliver transformative outcomes for the
nation.
Source: Daily Times