Under the 10-year Country Partnership Framework (CPF), the World Bank (WB) has promised to give Pakistan $40 billion, according to Ministry of Economic Affairs sources.
The sources added that the combined efforts of Prime Minister Shehbaz Sharif and Army Chief General Asim Munir have begun to bear fruit, calling the pledge a monument to Sharif’s achievement in obtaining foreign backing for Pakistan’s economic expansion.
The International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) would contribute $20 billion of the $40 billion total.
Six major development sectors will be the emphasis of the CPF: lowering child stunting, addressing climate change, enhancing learning outcomes, supplying clean water, and encouraging both public and private investment for all-encompassing development.
Additionally, $20 billion will be provided by the International Finance Corporation (IFC) to assist the CPF.
Among the specific objectives are raising tax revenue to more than 15% of GDP, creating 10 gigawatts of renewable energy capacity, giving 12 million children access to high-quality education, and providing healthcare services to 50 million people.
The framework also intends to improve food security for 30 million people, give 30 million women more access to family planning services, and give 60 million people access to clean drinking water and sanitary facilities.
75 million people will benefit from the CPF’s objectives to address flood and disaster risks, the sources noted.
The 10-year Country Partnership Framework was approved with 19 of the 24 directors voting in support of Pakistan.
