World Bank Group pledges $20 billion for Pakistan

ISLAMABAD: The World Bank Group officially approved a new “Country Partnership Framework (CPF)”, worth $20 billion, with the aim of improving sustainable and inclusive growth in Pakistan over the next ten years.

As per the World Bank, the framework is designed to address critical issues facing the country of 240 million people: child malnutrition, educational challenges, climate change impacts and the sustainability of the energy sector.

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The World Bank’s Country Director for Pakistan stated that the framework was important to ‘confront’ pressing development hurdles in the South Asian nation.

He said that fostering policy reforms to stimulate private sector involvement and creating ‘fiscal spaces’ were central part of the imitative.

The CPF is targeted to improve access to basic services, such as clean water, proper sewerage system, medical and family planning.

The framework is also focused on finding long-term solutions to climate disasters and ensuring food security, promote cleaner energy alternatives and improve air quality.

The CPF will also concentrate on strengthening fiscal capacity for the cash-strapped country and ensure better management of the public funds.

The project will be implemented by introducing various programmes that will prioritise social safety nets and financial participation of marginalised groups, including women.

Digital and transportation infrastructure in the developing country will also be a focal point of the initiative.

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According to the World Bank’s website, the WBG has provided huge financial support to the nuclear-armed state. The global money lender has invested over $48.3 billion since 1950.