Islamabad: Prime Minister Shehbaz Sharif announced that the World Bank’s $20 billion investment in Pakistan’s social sectors will pave the way for new development opportunities in the country. Speaking with the World Bank’s Executive Directors in Islamabad, he emphasized the transformative potential of this partnership.

According to a statement by Ministry of Information and Broadcasting, Prime Minister Sharif welcomed the delegation by highlighting the long-standing relationship between Pakistan and the World Bank, which has been instrumental in implementing significant national projects over the past seventy years. He acknowledged the World Bank’s crucial support during the 2022 floods and expressed gratitude for their ongoing trust in government policies.

The Prime Minister informed the delegation of the rapid progress in Pakistan’s institutional and economic reforms, noting that the country’s economy is on a growth trajectory. He pointed out the increase in exports and remittances, as well as the growth in the manufacturing sector, attributed to a reduction in policy rates.

Sharif also assured the World Bank of the government’s commitment to transparency and anti-corruption measures, mentioning reforms in the Federal Board of Revenue’s digitization efforts. Additionally, he outlined steps being taken to reduce losses and ensure an uninterrupted power supply through energy sector reforms.

Highlighting the government’s focus on creating an attractive investment climate, the Prime Minister spoke about the Special Investment Facilitation Council’s role in fostering stakeholder participation. He emphasized that the government prioritizes investment and partnerships over loans.

The World Bank delegation praised the swift progress of Pakistan’s economic reforms under Prime Minister Sharif’s leadership, acknowledging positive outcomes in sectors such as energy, industry, and revenue. They commended the government’s initiatives and noted the encouraging trajectory of the country’s reform journey.