The World Bank has announced it will supply $20 billion to Pakistan over the next decade to help the country tackle climate change and development challenges that hinder growth, aiming for inclusive and sustainable development.
“We welcome the World Bank’s pledge of $20 billion under its first-ever 10-year Country Partnership Framework (CPF) for Pakistan,” Prime Minister Shehbaz Sharif said in message on X on Wednesday.
The program primarily focuses on enhancing social indicators in critical yet neglected areas including child nutrition, quality education, clean energy, climate resilience, inclusive development and private investment.
“CPF reflects the World Bank’s confidence in Pakistan’s economic resilience and potential,” Sharif said.
“Our new decade-long partnership framework for Pakistan represents a long-term anchor for our joint commitment with the Government to address some of the most acute development challenges facing the country: child stunting, learning poverty, its exceptional exposure to the impacts of climate change, and the sustainability of its energy sector,” Najy Benhassine, World Bank Country Director for Pakistan said in a statement.
The economy of the South Asian nuclear power was pulled back from the brink amid fears of default last year and is slowly on the path of recovery with inflation down to a six-year low, stock exchange setting new records and foreign exchange reserves going up.
Pakistan, a country with a population of more than 240 million, often approaches global lenders for assistance as successive governments have failed to break the cycle of economic mismanagement and reliance on external aid.
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