Prime Minister Shehbaz Sharif last week thanked the World Bank for trusting Pakistan after it pledged $20 billion under the 10-year Country Partnership Framework (CPF).
According to the World Bank statementThe new framework for the country aims to “support inclusive and sustainable development through a strong focus on building human capital” in addition to promoting sustainable private sector development.
On Saturday, World Bank Executive Directors emphasized the importance of effective partnership coordination between the World Bank Group, the IMF and other key development partners to continue to support the implementation of key reforms in Pakistan, including energy. Sector and domestic revenue mobilization and strengthen donor alignment.
Addressing a function in Islamabad today, Prime Minister Shehbaz highlighted Pakistan’s “very strong relationship with the World Bank” over the years.
He emphasized on the various projects initiated in Pakistan with the support of the World Bank, including hydropower generation in the water sector and reforms in various important institutions such as the Federal Board of Revenue.
He thanked World Bank Vice President for South Asia Martin Ricer, who attended the event, World Bank President Ajay Banga and the World Bank team in Pakistan.
Addressing the raiser, he said: “Your presence here is a message to the people of Pakistan that the World Bank has confidence in Pakistan’s system, which is now dynamic and functional, having made deep-rooted structural changes. which were pending for a long time.
“It should have happened decades ago that what is happening today. But I believe in the fact that it is never too late,” he said.
He noted that the digitization of the Federal Board of Revenue (FBR) is “on fast track”.
Additionally, a pilot project of faceless interaction between importers and customs officials is working at Karachi port, which will be replicated at all other airports, dry ports.
The prime minister noted that this economic recovery would “reach trillions of rupees in the coming months and years, not only in customs duties but also inland revenue and sales tax.”
“And of course, drastically reducing corruption,” he said, adding that the funds would then be made available for key socioeconomic projects, poverty alleviation and promoting education.
“So, this approach is a very timely intervention to tackle all the issues that Pakistan is facing as a huge challenge,” he said.
Prime Minister Shehbaz then addressed Ricer in his mother tongue German and thanked him for his unwavering commitment to promote the cause of Pakistan.
