PM Shehbaz, World Bank President pledge closer ties for Pakistan's development

ISLAMABAD: Prime Minister Shehbaz Sharif on Monday welcomed World Bank Group (WBG) President Ajay Pal Singh Banga on his first official visit to Pakistan, underlining the country’s commitment to deepening economic cooperation and reform initiatives.

Banga, on a four-day high-level visit from February 1 to 4, is scheduled to meet top officials including Deputy Prime Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb. During his stay, he will tour official and cultural sites while engaging in discussions on economic reforms, development cooperation, and regional projects.

In a statement from the Prime Minister’s Office, Shehbaz Sharif lauded the long-term partnership between Pakistan and the WBG, highlighting the ten-year World Bank Group Country Partnership Framework (CPF) as a model for cooperative development. He praised Banga’s leadership in strengthening the WBG’s role as an effective development partner.

“Pakistan values the World Bank Group’s support in fostering economic growth and reforms,” the prime minister said. He reaffirmed the government’s commitment to a multi-dimensional reform programme aimed at sustainable economic stability, covering infrastructure, energy, agribusiness, digital development, human capital, financial reforms, employment generation, and private sector investment.

Both leaders stressed the importance of implementing CPF priorities swiftly and ensuring effective monitoring for large-scale results. Shehbaz Sharif highlighted that these measures would overcome obstacles in development project execution and align with his vision for national progress.

Banga thanked the prime minister for the warm reception, commending Pakistan’s ongoing reform efforts. “We are committed to deepening cooperation under the ‘One World Bank Group’ initiative. Achieving the government’s reform agenda requires close coordination with development partners and efficient mobilization of private resources,” he said.

The meeting concluded with a mutual commitment to close collaboration over the next decade, ensuring that Pakistan’s development programmes are delivered effectively and sustainably.