WB preparing $10b-$12b help portfolio for Pakistan

ISLAMABAD: The World Bank (WB) is preparing a new Country Partnership Framework (CPF) for the next five years from fiscal year 2022 to 2026 with possible portfolio of $10 to $12 billion for different sectors of economy of Pakistan.

The Pakistani authorities are expecting that the World Bank Group will extend lending of around $12 billion for five years period under the CPF. “Although, the WBG has not officially communicated the exact size of portfolio but it should be around $12 billion,” a top official of the PTI led government confided to The News here on Monday.

The WB’s CPF for five years is in the process of finalization that is expected to be presented before the Executive Board of WB in May/June 2021. “The consultation with relevant stakeholders is underway and the next CPF will be ready by end of the ongoing financial year,” said one official.

According to an official announcement made here on Monday, Minister for Economic Affairs, Makhdum Khusro Bakhtyar, held a consultative meeting with Country Director World Bank Pakistan, Najy Benhassine, on Monday in the Ministry of Economic Affairs.

The meeting was aimed at discussing the development priorities of the Government of Pakistan for the next five years and to seek guidance and views of Minister for Economic Affairs to appropriately accommodate those priorities in the next World Bank Country Partnership Strategy for the period FY 2022-26.

The Country Director World Bank informed that the World Bank Group (WBG) has initiated the process of preparing a new Country Partnership Framework (CPF) for Pakistan that would outline its strategic support in the country for the next five years starting from FY 2022. He shared that the WB had started countrywide consultations with key stakeholders, including government, parliamentarians, private sector, civil society organizations and development partners to gather diverse views from stakeholders on Pakistan’s economic and social challenges and the ways in which the World Bank Group can support the government in addressing these challenges.

During the meeting, the Country Director World Bank shared that the next World Bank Pakistan Country Partnership Framework would broadly focus on four strategic areas i.e. education, health, environment and growth and improved governance as an enabler.

The Minister for Economic Affairs highlighted the need to focus more on the basics where Pakistan critically lags e.g. human capital, poverty alleviation, stunting, revenue mobilization and economic reforms, etc. He also emphasized on avoiding thin spreading of resources and focus on concentrating resources on priority areas for achieving greater impact.

The minister for economic affairs also shared with the country director that the government desires to enhance the role of private sector and for that, the private sector will be encouraged to take lead in economic development of the country. The meeting was also attended by secretary, Ministry of Economic Affairs, Operations Officers of World Bank and IFC.