Latest news with #CountryPartnershipFramework
Express Tribune
a day ago
- Business
- Express Tribune
Pakistan, WB boost ties with $40b framework
Listen to article Federal Minister for Economic Affairs, Ahad Khan Cheema, held high-level meetings with World Bank leadership in Washington, marking a major step in advancing the country's development partnership with the global financial institution. In meetings with Anna Bjerde, Managing Director for Operations, and Martin Raiser, South Asia Regional Vice President, Cheema praised the strengthened collaboration between Pakistan and the World Bank over the past year. This partnership has culminated in the development of the Country Partnership Framework (CPF) 2026-2035 — a ten-year strategy backed by a $40 billion commitment from the World Bank. Cheema thanked the World Bank for its continued support, particularly during crises such as the COVID-19 pandemic and the 2022 floods. "As our largest development partner, the World Bank has played an indispensable role in Pakistan's socio-economic progress and improving the lives of our citizens," he stated, while appreciating the leadership of Bjerde and Raiser.
Business Recorder
2 days ago
- Business
- Business Recorder
World Bank reaffirms commitment to $40bn CPF with Pakistan
Pakistan and the World Bank reaffirmed their development partnership during high-level consultations in Washington, D.C., with both sides committing to the effective implementation of the newly launched $40 billion Country Partnership Framework (CPF) 2026–2035. The development came during a meeting between Federal Minister for Economic Affairs Ahad Khan Cheema, during his official visit to the United States, with senior World Bank leadership, read a statement released by the Economic Affairs Division (EAD) on Friday. 'In a productive meeting with Anna Bjerde, Managing Director for operations, and Martin Raiser, South Asia Regional Vice President, Cheema applauded the strengthened collaboration between Pakistan and the World Bank Group over the past year. 'This enhanced engagement has culminated in the development of the new Country Partnership Framework (CPF) 2026-2035, a transformative ten-year strategy backed by an unprecedented $40 billion commitment from the World Bank,' read the statement. World Bank's Benhassine lauds Pakistan's economic turnaround Cheema, during the meeting, expressed deep appreciation for the World Bank's support, particularly during critical challenges, including the COVID-19 pandemic and devastating 2022 floods. 'As our largest development partner, the World Bank has played an indispensable role in Pakistan's socio-economic progress and improving the lives of our citizens,' stated Cheema. With the CPF now successfully launched, Cheema emphasized the government's complete focus on finalizing a comprehensive implementation framework in collaboration with the World Bank to ensure the strategy delivers its full potential. He welcomed Pakistan's transition to the World Bank's Middle East and North Africa (MENA) Region under Vice President Ousmane Dione, noting this move will create valuable opportunities for knowledge exchange and regional synergy. Meanwhile, in a separate meeting with Abdelhak Bedjaoui, World Bank Executive Director, Cheema acknowledged his effective representation of Pakistan's economic interests. The minister proposed regular visits by executive directors to constituency countries to better understand development needs and opportunities for World Bank engagement. 'The discussions also highlighted recent World Bank approvals, including the $700 million Reko Diq mining project and $400 million Risk Participation Facility, which moved forward despite objections,' read the EAD's statement. Cheema reaffirmed Pakistan's commitment to working closely with the World Bank country team to achieve the CPF's ambitious development objectives and transformational impacts.
Business Recorder
19-06-2025
- Business
- Business Recorder
World Bank's Benhassine lauds Pakistan's economic turnaround
Najy Benhassine, the outgoing country director of the World Bank, has lauded Pakistan's economic turnaround, terming it a 'revolutionary turnaround.' The World Bank's official made these remarks while paying a farewell visit to Prime Minister Shehbaz Sharif, read a statement released by the Prime Minister's Office (PMO) on Thursday. 'The revolutionary transformation, stability, and progress of Pakistan's economy under your leadership is commendable,' said Benhassine, adding that the country's economic team saved Pakistan from the risk of sovereign default and put it on a path of stability. 'Pakistan's current economic team has skillfully steered the economy from stability toward growth,' he added. World Bank approves $102m for Resilient, Accessible Microfinance Project Meanwhile, PM Shehbaz also lauded Benhassine for his role in strengthening the partnership between Pakistan and the World Bank 'For which we are grateful,' the prime minister was quoted as saying in the statement. 'The cooperation and hard work you demonstrated with Pakistani officials on the Country Partnership Framework will always be remembered positively,' he told Benhassine. PM Shehbaz extended his best wishes and prayed for Najy Benhassine's health and future success. The meeting was also attended by the World Bank's Operations Manager for Pakistan, Gailius Draugelis; Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar; Federal Ministers Ahsan Iqbal, Muhammad Aurangzeb; and other senior officials.
The South African
12-06-2025
- Business
- The South African
South Africa's loan for reform: World Bank in control
South Africa's loan of R26 billion for reforms authorised by the World Bank will improve the country's infrastructure. The Country Partnership Framework serves as the core plan to help South Africa reform through investments and partnerships. Reform aims to reorganise Eskom, transition to cleaner energy sources, make state-owned enterprises work better, and influence policies. The National Treasury supports these as part of the process of getting the debt and the budget back on track. Giving private control over public value is meant to get private money to pay for public services and infrastructure. South Africa gets short-term help with energy reforms, freight transport, and job creation. The World Bank benefits by getting interest, policy power, and access to markets through its private subsidiary, the International Finance Corporation (IFC). International corporations invest alongside private companies to get into state-run industries like energy and logistics. People are worried that South Africa's economy won't be stable in the long run if it relies too much on foreign loans. Redge Nkosi, an economist, told SABC News what would happen if South Africa's reform fails: it would get weaker, and foreign investors would have an easier time taking advantage of locals. The World Bank division director for South Africa, Satu Kahkonen, and the Minister of Finance, Enoch Godongwana, believe the loan will help the country's growth through reforms. Countries like Nigeria and Burkina Faso are cutting debt and reducing foreign loan dependency. However, Africa's total debt load keeps escalating to over a trillion. Leaders at the African Union (AU) at the debt conference in Lomé, Togo, from 12 to 14 May 2025, urged the International Monetary Fund (IMF) to swiftly alter Special Drawing Rights (SDRs) to improve the utility and equity of debt relief. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 11. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news
Express Tribune
05-06-2025
- Business
- Express Tribune
Leaders rally for green Pakistan
President Asif Ali Zardari and Prime Minister Shehbaz Sharif extended their heartfelt greetings to the nation on the eve of Eid ul Fitr. PHOTO: EXPRESS On the World Environment Day, President Asif Ali Zardari and Prime Minister Shehbaz Sharif urged every citizen, organization, and public institution to unite for a cleaner, greener Pakistan. In their separate messages, they said the day reminded us of our shared responsibility to protect the planet and secure a sustainable future for the generations to come. "Pakistan is one of the countries most vulnerable to climate change. Each year, we face devastating floods, droughts, and heatwaves that displace millions of people. Yet, our contribution to global carbon emissions is less than 1%. This imbalance highlights the urgent need for global climate justice and strong international support," President Secretariat Press Wing, in a press release, quoted the president as saying. Despite limited resources, the president said, Pakistan was taking steps to tackle environmental challenges. "We are working to mobilize climate finance by combining national efforts with private investment and international support. Key strategic instruments include: The $1.4 billion Resilience and Sustainability Facility from the IMF, which supports reforms such as a carbon levy, electric vehicle promotion, and improved energy efficiency: the World Bank's Country Partnership Framework (2026-2035), focused on flood resilience, clean energy transition, sustainable agriculture, and better air quality. The 2024 Carbon Market Policy Guidelines aim to attract green private investment. All these efforts align with Pakistan's broader economic transformation plan — Uraan Pakistan," he added. The president observed that the governments alone could not solve this crisis, stressing that each of them had a role to play. Prime Minister Prime Minister Shehbaz Sharif calling the plastic pollution an environmental challenge threatening ecosystems, economy, and future generations, reaffirmed his government's commitment to eco-friendly policies, responsible consumption, and stricter plastic regulations. "Real change begins with each of us — in our homes, our communities, and our choices," the prime minister said. He said that on the Day, Pakistan joined the international community in reaffirming its commitment to safeguard our planet and pursue sustainable development. The prime minister said that this year's theme — "Putting an End to Plastic Pollution" — was both timely and urgent. "Plastic pollution is an environmental challenge that threatens our ecosystems, our economy, and future generations. From choking our rivers and seas to harming marine life and contaminating our food chain, plastic waste has reached alarming levels across the globe — and Pakistan is no exception. This calls for a bold and collective action," he remarked. He said that the Day should serve as a reminder of our shared responsibility — to ourselves and to the generations yet to come.
