ISLAMABAD, Feb 17 (NNI): A high-level World Bank team comprising of nine executive directors landed in Islamabad on Monday to review the implementation of a $40 billion economic development framework.
The team will lay their focus on negotiations with government officials on Pakistan’s economic development projects, investment opportunities, and the effective implementation of the recently approved Country Partnership Framework worth $40 billion.
Earlier in January, the World Bank’s Board of Directors had approved its first-ever 10-year CPF for Pakistan when 19 out of 24 directors voted in favour of the framework. The CPF would target six development areas and would be supported by a comprehensive monitoring and evaluation scorecard to assess progress.
The visit came after an International Monetary Fund (IMF) team concluded its visit to Pakistan llast week. In meetings with the legal fraternity’s representatives, the IMF mission expressed concerns over the business matters, relating to investments, that remain pending for a long time as decisions are not made timely.
The WB executive directors represent 88 member countries and would meet with key figures including Prime Minister Shehbaz Sharif, Finance Minister Muhammad Aurangzeb, the economic affairs minister, the planning minister, and the energy minister. Discussions would focus on Pakistan’s economy, investment prospects, and improvements in infrastructure.
After engagements in Islamabad, the WB delegation would also visit Khyber Pakhtunkhwa, Sindh, and Punjab, and meet with representatives from Balochistan. The purpose of such visits is to assess local developmental challenges and opportunities to effectively implement the WB’s sustainable economic development strategy.
The directors will also meet with business leaders, academics, and representatives from civil society.
The WB Group includes five major financial institutions: the International Development Association, the International Bank for Reconstruction and Development, the International Finance Corporation, the Multilateral Investment Guarantee Agency, and the International Centre for Settlement of Investment Disputes, all of which play a “key role in shaping global economic policies.”
The members of the World Bank team are: Abdul Haq Bedjaoui from Algeria,Zanib Ahmed from Nigeria representing South Africa and Angola, Beatrice Maser from Switzerland, representing Nations of Central Asia and Switzerland, Robert Bruce Nicholl from Australia, representing 14 countries including South Korea, New Zealand and Australia, Teresa Solbes from Spain, representing seven countries of South America including Mexico and Costa Rica, Paul Bonmartin from France, Lonkhululeko Magagula from Eswatini, representing 21 countries from the African continent including Tanzania, Zimbabwe, Kenya and Ethiopia, Marlene Suzie Nzengou, belonging to the Central African Republic and representing 23 African nations, and Tauqir Shah, Executive Director representing Pakistan and seven other countries.
The CPF designed for Pakistan has become a “focal point” at the World Bank headquarters, with other countries viewing it as a model for their economic development. NNI
