Pakistan has agreed to an unprecedented ten-year plan with the World Bank which will see$ 20 billion ( €19.4 billion ) worth of loans for the country’s cash-strapped economy.
The South Asian country is currently undergoing a$ 7 billion International Monetary Fund bailout program because it has been teetering on the verge of an economic crisis for several years.
World Bank seeks to promote funding
The struggling economy was put under more strain by political unrest and severe flooding in 2022, which partially submerged up to a next of the nation.
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It is now anticipated that from 2026 onward, the new” Country Partnership Framework” ( CPF ) announced overnight with the World Bank will see more investment in climate resilience and growth.
In a statement, Zeeshan Sheikh, the world bank’s international finance corporation country manager for Pakistan, stated that” we are focused on evaluating investment and expert treatments that will help crowd-in much-needed private investment in areas critical for Pakistan’s sustainable development and career creation.”
He added that certain areas of focus include “energy and waters, agribusiness, access to finance, manufacturing and electronic infrastructure”.
PM Sharif wants to” make lasting chances.”
Shehbaz Sharif, the prime minister of Pakistan, expressed his gratitude for the program in a social media post, saying:” The program is the first of its kind.
“]The ] CPF reflects the World Bank’s confidence in Pakistan’s economic resilience and potential. As we align our efforts to provide lasting opportunities for our persons, we look forward to strengthening our relationship.
After the imprisonment of former prime minister Imran Khan, Pakistan also faces a political issue. His followers have staged numerous large-scale demonstrations that often included violence.
The country’s economic and political environment are perceived as barriers to attracting foreign funding.
