ISLAMABAD: In a significant move to combat climate change, the World Bank has committed $20 billion to Pakistan through a 10-year Country Partnership Framework (CPF). This partnership aims to tackle pressing issues such as poverty, unemployment, and notably, climate change, which is increasingly impacting the country’s economy and environment.
Prime Minister Shehbaz Sharif hailed the $20 billion Country Partnership Framework (CPF) of the World Bank on Thursday as a “landmark initiative” born of a decade-long strategic partnership aimed at fostering employment opportunities, IT-driven projects, and climate resilience to ensure economic stability.
Speaking at the CPF launch ceremony, the prime minister emphasized that the collaboration seeks to address Pakistan’s pressing economic and developmental challenges. He noted the World Bank’s significant contributions to Pakistan through projects spanning hydropower, water management, and transformative economic reforms.
Expressing gratitude to the World Bank team for their leadership in developing the framework, PM Shehbaz described it as a “timely intervention” to tackle the country’s critical issues.
Highlighting progress in digitizing the Federal Board of Revenue (FBR), the prime minister discussed a pilot project launched at Karachi Port to minimize collusion between importers and customs officials. This initiative, characterized by faceless interactions, aims to enhance inland revenue collection while curbing corruption.
“These funds will be allocated to social protection projects targeting Pakistan’s most vulnerable communities,” he added.
Reaffirming the government’s full commitment to implementing the CPF, PM Shehbaz urged collective efforts from politicians, experts, and bureaucrats to achieve its ambitious objectives.
“The presence of the World Bank’s vice president here reflects the institution’s confidence in Pakistan’s evolving system, which is making overdue, bold strides toward functionality and growth,” he stated.
World Bank Vice President for the South Asia Region, Martin Raiser, commended Pakistan’s recent economic reforms and reiterated the World Bank’s dedication to the partnership.
“The CPF will serve as a foundation for the economic stability Pakistan and the region need,” Raiser remarked, praising the prime minister’s leadership and encouraging ongoing collaboration to ensure the program’s success.
Climate Change Focus
The CPF is designed to enhance Pakistan’s resilience against climate-related challenges, particularly following the devastating floods and extreme weather events that have plagued the nation in recent years. These disasters have highlighted the urgent need for robust climate adaptation strategies, as they have caused extensive damage to infrastructure and agriculture, leading to economic losses exceeding $30 billion.
Key Initiatives
Agricultural Resilience: The framework will support projects like the Punjab Resilient and Inclusive Agriculture Transformation Project (PRIAT), which aims to implement climate-smart agricultural practices. This initiative is crucial for improving water-use efficiency and building resilience among small farmers who are vulnerable to climate impacts.
Infrastructure Development: Investments will also focus on strengthening critical infrastructure, such as barrages in Sindh province, which are essential for managing floodwaters and ensuring water supply for irrigation. These improvements are vital for enhancing the agricultural sector’s resilience to climate variability.
International Collaboration: Pakistan’s role in global climate discussions, particularly at COP28, underscores its commitment to addressing climate change. The operationalization of the Loss and Damage Fund reflects Pakistan’s leadership in advocating for financial support from developed nations to mitigate the impacts of climate change on vulnerable populations.