World Bank Delegation Visits Pakistan After 20 Years

Islamabad, Feb 17 (PTI) Pakistan on Monday received a delegation of nine World Bank Executive Directors, the first such visit in two decades, as the country prepares for long-term cooperation with the bank.

The delegation met Prime Minister Shehbaz Sharif who appreciated the more than seven-decade-old partnership with the World Bank.

He said that with the bank's cooperation, several major projects had been undertaken in Pakistan for national development and development, according to an official communication.

The Prime Minister acknowledged that the bank provided full support to the affected people during the 2022 floods.

More than 33 million people were affected by the catastrophic flooding, which devastated Pakistan which was already trying to revive a struggling economy.
Over 937 people, including 343 children, were killed.

Shehbaz said that under the recent Country Partnership Framework of the World Bank, an investment of USD 40 billion will be made in Pakistan. The support will “open a new chapter of development in Pakistan,” he said.

The delegation appreciated the implementation of Pakistan's ongoing reform programme, which it said was yielding positive results. The delegation appreciated the government's reform initiatives in energy, industry and exports, privatization, revenue and other sectors.

The delegation will meet top officials to discuss the effective implementation of USD 40 billion in funding. It will visit all four provinces to review developmental initiatives and formulate strategies.

Meanwhile, sources said that Pakistan was preparing to get another loan from the International Monetary Fund and a delegation is expected to visit Pakistan on February 24 to negotiate the USD 1.5 billion concessional loan, aiming to address the damages caused by climate change.

Another IMF delegation is also expected to land in Pakistan next month to conduct a review of the already approved USD 7 billion loan before issuing the next tranche.

The total discussions will cover a combined loan of about USD 2.5 billion.