The prime minister of Pakistan, Shehbaz Sharif, recently claimed that the country’s economy will grow faster thanks to a $40 billion investment from the World Bank. He made the point at a meeting with the World Bank’s Executive Directors that Pakistan and the World Bank have been partners for a long time and that this partnership has been crucial to Pakistan’s development.
Twenty billion would go toward vital areas like healthcare, education, and youth empowerment, while another twenty billion will be directed toward strengthening the business sector via the International Finance Corporation (IFC). The goal of this project is to overhaul the Federal Board of Revenue digitally in order to promote long-term growth, lessen the prevalence of corruption, and increase transparency.
Recent improvements, including increased exports, stronger remittances, and reduced interest rates, were attributed to the government’s economic team, and Sharif stressed their determination to prioritize investment over loans. Uninterruptible power supply and increased revenues are two goals of the energy sector changes already underway.
A positive development for Pakistan’s economic recovery has been the rapid execution of economic initiatives by the prime minister, which the delegation lauded and expressed faith in.
