ISLAMABAD, Feb 14 (APP): Prime Minister Muhammad Shehbaz Sharif met with Makhtar Diop, Managing Director and Executive Vice President of the International Finance Corporation (IFC), the private sector investment arm of the World Bank Group (WBG), to discuss IFC’s ongoing and pipeline portfolio in Pakistan.
Muhammad Ishaq Dar, Deputy Prime Minister and Foreign Minister, Muhammad Aurangzeb, Finance Minister; Ahad Khan Cheema, Minister of Economic Affairs, and senior officers of the Ministry of Finance and Economic Affairs attended the meeting.
The Prime Minister appreciated the WBG’s recently launched new decade-long Country Partnership Framework (CPF) (2026-2035) with its unprecedented commitment of US$40 billion. It would include sovereign lending of US$ 20 billion by the International Development Association (IDA) and International Bank for Reconstruction & Development (IBRD). IFC will mobilize another US$ 20 billion to foster private sector investments in Pakistan.
The Prime Minister lauded IFC’s role in fostering private sector investments and expanding portfolio in Pakistan. He encouraged IFC to enhance its support under the key areas including infrastructure and logistics, outsourcing of large airports, agriculture, information technology, mining, climate resilience, healthcare and water & sanitation. He also encouraged IFC to enhance collaboration with the private sector arms of other multilateral institutions for maximizing private sector participation in the development process and achieving greater impact.
The Prime Minister emphasized to focus on export led growth. He underlined the need for digitization of the entire ecosystem of Pakistan’s economy. Ongoing digitization efforts of the Federal Board of Revenue were also highlighted.
Mr. Diop appreciated Pakistan’s productive engagement with IMF and successful ongoing economic reforms. He shared that government’s efforts to create an enabling environment for the private sector operations in Pakistan under the dynamic leadership of the Prime Minister has increased investors’ confidence. He assured the Prime Minister of IFC’s continued support to the private sector in Pakistan duly aligned with the government’s priorities.
The Prime Minister underscored the need to design various programs to foster human development especially the youth of Pakistan.
He noted that the youth of Pakistan was provided skills training through various initiatives. Mr Diop committed to enhance IFC’s focus on the priority sectors of the government and thanked the Prime Minister and other relevant stakeholders of the government for their continued support to IFC’s interventions in Pakistan.
