Latest news with #CountryPartnershipFramework
Business Recorder
5 days ago
- Business
- Business Recorder
Aurangzeb praises World Bank's valuable contributions to Pakistan
ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb, on Friday, met with the World Bank Pakistan team, including Najy Benhassine, outgoing country director, and Bolormaa Amgaabazar, incoming Country Director for Pakistan. During the meeting, the finance minister warmly welcomed Bolormaa Amgaabazar to Pakistan and extended his best wishes for her upcoming assignment. He expressed confidence that the collaborative efforts between Pakistan and the World Bank would continue to flourish under her leadership. Ahsan vows to deepen cooperation with World Bank Aurangzeb also took the opportunity to commend Najy Benhassine for his valuable contributions and unwavering support to the Government of Pakistan throughout his tenure. He acknowledged Benhassine's role in strengthening the development partnership and wished him success in his future endeavours. Highlighting the enduring relationship between Pakistan and the WB, the minister expressed gratitude for the bank's generous financial and technical assistance across key sectors of the economy. He emphasised the importance of the recently signed 10-year Country Partnership Framework (CPF) as a pivotal element in Pakistan's economic roadmap, noting its potential to transform critical sectors through strategic and well-coordinated implementation. Aurangzeb underscored the significance of effectively executing the CPF's Country Financing Framework (CFF), describing it as essential to unlocking the full benefits of the WB's support. He particularly praised the institutional, technical, and financial backing consistently provided by the bank. The minister also highlighted the recent successful completion of the International Monetary Fund (IMF) review and the subsequent $1 billion disbursement under the Extended Fund Facility (EFF), along with additional resources made available through the Resilience and Sustainability Facility (RSF). He noted that development finance must be guided by merit and objective assessment, rising above political considerations to ensure sustainable progress. The meeting reaffirmed the mutual commitment to strengthening Pakistan's economic resilience and advancing inclusive development through strategic partnerships. Copyright Business Recorder, 2025
Business Recorder
5 days ago
- Business
- Business Recorder
Punjab govt, World Bank agree to boost partnership
LAHORE: Chief Minister Punjab Maryam Nawaz Sharif met Country Director World Bank Najy Benhassine in which it was agreed to further strengthen ever growing partnership between the World Bank and the Punjab government. The CM warmly welcomed the Country Director World Bank Najy Benhassine and paid tribute to his outstanding services rendered in Pakistan since 2020. The Chief Minister said, 'Punjab government holds in high esteem its strong, effective and long-standing partnership with the World Bank. The World Bank is providing valuable assistance to the Punjab government in various social and development sectors including education as well as health. The new $40 billion Country Partnership Framework between Pakistan and the World Bank is a manifestation of the vision of CPF 'Uraan Pakistan'.' She highlighted, '12 projects worth $2.4 billion are underway in Punjab with the support of the World Bank. The Punjab Rural Sustainable Water Supply & Sanitation, Resilient Inclusive, Agriculture Transformation and Human Capital Investment projects are improving service delivery in the province.' She outlined, 'The Punjab Rural Sustainable Water Supply & Sanitation Program is being expanded throughout the province. The Punjab government is making untiring strives to provide clean water and sanitation to all the villages in the province. We are striving to further strengthen the partnership between the World Bank and the Punjab government.' Copyright Business Recorder, 2025
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First Post
6 days ago
- Business
- First Post
Is World Bank making the mistake IMF has made with Pakistan?
Critics warn the World Bank may be repeating the IMF's errors by offering large-scale financial support without enforcing meaningful, long-term reforms read more The World Bank has unveiled a $40 billion long-term financial support package for Pakistan under its new Country Partnership Framework (CPF), extending its planning horizon from five to 10 years (2026–2035). This marks a significant deepening of engagement with a country persistently troubled by economic instability and chronic governance failures. Official documents say that the CPF aims to bolster public services, attract private investment, and support sectors such as education, healthcare, clean energy, and climate resilience. The first phase will channel $20 billion in public sector loans, while the International Finance Corporation (IFC) will mobilise the remaining $20 billion to spur private sector participation. STORY CONTINUES BELOW THIS AD While the CPF aligns with Pakistan's declared development priorities, serious concerns persist regarding the country's inefficient and inequitable tax system—a challenge the World Bank itself has acknowledged, calling for urgent reforms to ensure fiscal sustainability and responsible use of foreign assistance. But Pakistan has a dubious record: Terrorism, misuse of Funds, and international warnings Critics warn the World Bank may be repeating the IMF's errors by offering large-scale financial support without enforcing meaningful, long-term reforms. The IMF recently released $1 billion to Pakistan despite strong objections from India and others, who cited Pakistan's history of misusing funds and sheltering extremist elements. India has consistently accused Pakistan of diverting international loans and grants to sponsor terrorism, particularly across the border into India, and has highlighted Pakistan's repeated failure to honour its commitments to curb terror financing. India's Defence Minister Rajnath Singh publicly urged the IMF and other global lenders to reconsider their support, warning that such funds risk being siphoned off to finance terrorist infrastructure. Following these protests, the IMF imposed 11 stringent conditions on Pakistan, demanding reforms in governance, fiscal discipline, and transparency. Pakistan's high-risk profile for money laundering and terror financing has been flagged by the Financial Action Task Force (FATF), which placed the country on its 'grey list' due to 'strategic deficiencies' in its anti-money laundering and counter-terror financing regimes. STORY CONTINUES BELOW THIS AD Pakistan remains a key conduit for the funding and sheltering of terrorist groups, with porous borders and weak regulatory oversight facilitating crimes such as smuggling, drug trafficking, and extortion—all of which help finance terrorism. Siphoning of international aid There is a well-documented history of Pakistan diverting international aid, including IMF and World Bank loans, to fund military and extremist activities. Reports indicate that arms imports and terror financing activities have increased in years when Pakistan received large-scale international assistance. Pakistan's Inter-Services Intelligence (ISI) and military have been repeatedly implicated in channelling funds—often sourced from international loans—towards terror groups operating in the region. The risk for the World Bank Without robust accountability measures and strict conditionality, the World Bank risks seeing its CPF funds absorbed into the same cycle of mismanagement and extremism sponsorship that has plagued previous IMF bailouts. Pakistan observers warn that with absent structural reforms and effective monitoring, international funds may once again fail to yield genuine progress for the Pakistani people, instead perpetuating instability in the region. STORY CONTINUES BELOW THIS AD The World Bank's new economy-booster move risks repeating the IMF's mistakes by providing substantial financial support to Pakistan without adequate safeguards, despite the country's well-documented record of sheltering, sponsoring, and protecting terrorism—often by misappropriating international loans and grants intended for development.
Business Recorder
28-05-2025
- Business
- Business Recorder
New World Bank country director calls on Cheema
ISLAMABAD: The newly-appointed Country Director of the World Bank, Bolormaa Amgaabazar, called on Federal Minister for Economic Affairs Ahad Cheema, here on Tuesday. The outgoing Country Director Najy Benhassine was also present during the meeting. The minister welcomed Amgaabazar and appreciated the contributions of Benhassine during his tenure in Pakistan. He acknowledged Benhassine's role in strengthening the World Bank's engagement with Pakistan and setting high standards of partnership. Cheema expressed confidence that the new country director would continue to play a key role in the development and implementation of the Country Partnership Framework (CPF), building on the work done under Benhassine's leadership. The minister highlighted that the federal government, with the support of the World Bank and other development partners, is actively facilitating provincial governments in the execution of development projects. He also reiterated the government's strong commitment to fiscal, energy, and economic reforms, noting that the focus remains on policies that deliver long-term, sustainable outcomes for the country. The World Bank team appreciated the government's efforts in driving reforms and strengthening collaboration with provincial governments. They acknowledged the central role played by the Ministry of Economic Affairs in ensuring effective coordination and implementation of development initiatives. Copyright Business Recorder, 2025
Business Recorder
28-05-2025
- Business
- Business Recorder
New WB country director calls on Cheema
ISLAMABAD: The newly-appointed Country Director of the World Bank, Bolormaa Amgaabazar, called on Federal Minister for Economic Affairs Ahad Cheema, here on Tuesday. The outgoing Country Director Najy Benhassine was also present during the meeting. The minister welcomed Amgaabazar and appreciated the contributions of Benhassine during his tenure in Pakistan. He acknowledged Benhassine's role in strengthening the World Bank's engagement with Pakistan and setting high standards of partnership. Cheema expressed confidence that the new country director would continue to play a key role in the development and implementation of the Country Partnership Framework (CPF), building on the work done under Benhassine's leadership. The minister highlighted that the federal government, with the support of the World Bank and other development partners, is actively facilitating provincial governments in the execution of development projects. He also reiterated the government's strong commitment to fiscal, energy, and economic reforms, noting that the focus remains on policies that deliver long-term, sustainable outcomes for the country. The World Bank team appreciated the government's efforts in driving reforms and strengthening collaboration with provincial governments. They acknowledged the central role played by the Ministry of Economic Affairs in ensuring effective coordination and implementation of development initiatives. Copyright Business Recorder, 2025
