ISLAMABAD: Pakistan and the World Bank (WB) agreed to work on a new vigorous and ambitious Country Partnership Framework to carry forward the ongoing reform and development agenda. These views were shared when Martin Raiser, Regional Vice President of World Bank for South Asia along with a delegation including Country Representative Najy Benhassine were called on Prime Minister Muhammad Shehbaz Sharif in Islamabad on Wednesday.
After welcoming the WB Vice President, Prime Minister Shehbaz Sharif appreciated the contribution of the bank to the development process of Pakistan. He lauded the support extended by the WB for building climate-resilient infrastructure after the 2022 devastating floods in Pakistan. The prime minister apprised the delegation on the reform agenda of the Government including digitization of the entire tax system, reforms in the power sector, increasing per acre yield in the agriculture sector, addressing the issue of child stunting, etc.
Expressing over the ongoing aggressive reform agenda from Pakistan, Martin Raiser said the World Bank would be ready to collaborate with Pakistan in its journey of transformation of the economy towards sustainable development.
World Bank, Pakistan to Work on Long-term Partnership
Meanwhile, both dignitaries agreed to engage in a long-term, focused partnership under a new Country Partnership Framework with an annual review mechanism to evaluate progress and ensure result-oriented achievements. The strategy would include flexibility for future course correction. The new partnership would aim to achieve transformational impacts over a decade on a selective set of critical development priorities for Pakistan.
The major set of priorities that were highlighted in the meeting included structural economic reforms including domestic resource mobilization, particularly via digitalization and tax policy reforms, and Human capital development, particularly countering child stunting and improving foundational learning. Meanwhile, energy sector reforms, including increased participation of the private sector in transmission, distribution, and transition to green energy to make energy cheaper, cleaner and financially sustainable were also discussed. Addressing water scarcity, climate-related issues also came under discussion.
Both sides also discuss how to boost economic opportunities, with a special focus on the agriculture sector, whereas Pakistan would take all possible benefits from the Bank’s expertise in mobilizing global expertise and best practices, institutional capacity building, leveraging digital transformation and private sector participation.
Both the dignitaries agreed that the process for the preparation of the new Country Partnership Framework would include consultations with Federal and Provincial governments as well as academia, parliamentarians, development partners, civil society and the private sector. WB would also coordinate with stakeholders to discuss the partnership priorities duly aligned with the major development priorities and strategy of the Government of Pakistan.
Later the Prime Minister witnessed the signing of a joint communique in this respect, signed by the World Bank’s Country Representative Najy Benhassine and Secretary of Economic Affairs Division Dr. Kazim Niaz.
