PM Shehbaz appreciates partnership, support from World Bank in meeting with President Banga in Islamabad

ISLAMABAD: World Bank Group (WBG) President Ajay Banga called on Prime Minister Shehbaz Sharif on Monday as Pakistan acknowledged the group’s valuable support, which has been instrumental in advancing the country’s economic development and reforms.

According to the PM Office, the prime minister welcomed Banga for his first official visit as the president of the WBG.

The premier appreciated the group for its long-standing partnership with Pakistan and its commitment to supporting the development priorities of the country, especially through the 10-year WBG Country Partnership Framework (CPF).

Shehbaz also appreciated Banga’s leadership in transforming the WBG into a more impactful development partner.

He said that the government of Pakistan was vigorously working on an economic reform agenda, with a multi-pronged, comprehensive, structural, homegrown programme aimed at sustainable economic stability.

The prime minister also appreciated the support of the global financial institution in resilient infrastructure, agribusiness, digital development, energy, human capital, fiscal reforms, and increasing productive private investment for job creation and growth.

PM Shehbaz and Banga reiterated the need to fast-track implementation and ensure strong oversight to deliver impact at speed and scale on Country Partnership Framework (CPF)-aligned priorities. These measures would duly assist the prime minister’s initiative to address and resolve implementation bottlenecks in development projects.

PM Shehbaz also expressed the government’s commitment to structural reforms that would unlock job-rich growth and further strengthen investors’ confidence.

Speaking on the occasion, Banga expressed his gratitude to the prime minister for his reception and hospitality in Pakistan. He commended the government’s ongoing reform efforts and reaffirmed his commitment to deepening cooperation through a One World Bank Group approach.

He said that greater leverage of private resources, in addition to strong coordination with development partners, was necessary to meet the ambition of the government’s reform agenda.