World Bank team arrives in Pakistan to strengthen economic collaboration

ISLAMABAD: A high-level World Bank (WB) delegation has arrived in Pakistan to discuss development projects, the news channel reported on Monday. 

According to sources, the delegation includes Executive Directors. The WB delegation has visited Pakistan to discuss economic development projects and investment opportunities.

It will also hold talks on strategies for implementing the recently approved Country Partnership Framework. Pakistan signed a 10-year agreement worth $20 billion with the World Bank for the Country Partnership Framework, with plans to increase the funds to $40 billion in the future.

Sources stated that the World Bank will allocate approximately three-quarters of the $20 billion through the International Development Association (IDA), while the International Bank for Reconstruction and Development (IBRD) will provide the remaining amount.

The extended framework will focus on six key development sectors, and additional funding from the International Finance Corporation will support the CPF’s completion.

During their visit, the World Bank delegation is scheduled to meet with Prime Minister Shehbaz Sharif, Finance Minister Muhammad Aurangzeb, the Economic Affairs Minister, the Planning and Development Minister, and the Minister for Energy.

The visit follows the conclusion of an International Monetary Fund (IMF) delegation’s visit to Pakistan last week.

In meetings with representatives from the legal fraternity, the IMF mission raised concerns about business matters, particularly investments that remain pending due to delays in decision-making.

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