World Bank to give Pakistan $4 billion annually under 10-year partnership

Pakistan will get around $4 billion per year or around $40 billion in 10 years under the World Bank's 10-year Country Partnership Framework (CPF), it emerged on Tuesday.

While confirming the development, sources in the Ministry of Economic Affairs said efforts of Prime Minister Shehbaz Sharif and Chief of Army Staff General Asim Munir helped in securing international support for Pakistan’s economic growth.

The World Bank will provide approximately half or $20 billion through the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD).

The CPF will focus on six key development areas, including reducing child stunting, mitigating climate change, improving learning outcomes, providing clean water, and promoting public resources and private investment for comprehensive development.

The International Finance Corporation (IFC) will also provide additional funding to support the CPF.

Specific goals include increasing tax revenue to over 15% of GDP, adding 10 gigawatts of renewable energy capacity, providing quality education to 12 million students, and delivering healthcare services to 50 million people.

The framework also aims to provide safe drinking water and sanitation facilities to 60 million people, strengthen food security for 30 million individuals, and increase access to family planning services for 30 million women.

Additionally, the CPF includes objectives to address flood and disaster risks, benefiting 75 million people, the sources added.

Of 24 directors, 19 voted in favor of Pakistan when approving the 10-year Country Partnership Framework.