Islamabad: Prime Minister Muhammad Shehbaz Sharif met with Mukhtar 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 ongoing and potential initiatives of IFC in Pakistan.
Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Federal Ministers Muhammad Aurangzeb, Ahad Khan Cheema and senior officers of the Ministry of Finance and Economic Affairs attended the meeting.
The Prime Minister appreciated the World Bank Group’s recent launch of the ten-year Country Partnership Framework (CPF) (2026-2035) in Pakistan with an unprecedented commitment of US$40 billion. This will include a US$20 billion soft loan from the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD). IFC will raise another US$20 billion to promote private sector investment in Pakistan.
The Prime Minister appreciated the role of IFC in promoting private sector investment in Pakistan and expanding its portfolio. The Prime Minister encouraged IFC to expand its support in key sectors including infrastructure, communication and transportation, outsourcing of major airports, agriculture, information technology, mining, climate resilience, health sector, and water and sanitation. He also encouraged IFC to enhance its cooperation with the private sector of other multilateral institutions to maximize private sector participation in the development process and make it more effective.
The Prime Minister emphasized the need to focus on the country’s growth through exports. He stressed the need for digitalization of the entire ecosystem of Pakistan’s economy. The Prime Minister also highlighted the ongoing efforts of the Federal Board of Revenue to digitize.
Mokhtar Diop highlighted the need for increased private sector investment to improve infrastructure in the roads and power sectors, especially in transmission lines, airport services, wheat storage infrastructure including silos, facilitating exports.
The meeting also highlighted the importance of a comprehensive system of private investment in water, health and sanitation for a healthy workforce for sustainable economic growth, with the requisite social safeguards.
Mokhtar Diop appreciated Pakistan’s ongoing successful economic reform program with the IMF. He said that the government’s efforts to create a conducive environment for private sector operations in Pakistan under the dynamic leadership of the Prime Minister have increased investor confidence. He also assured the Prime Minister of IFC’s continued support for the private sector in Pakistan in line with the government’s priorities.
The Prime Minister stressed the need to design various programs to promote the development of the workforce, especially the youth of Pakistan. He said that vocational training is being provided to the youth of Pakistan through various initiatives. Mukhtar Diop reiterated IFC’s commitment to further enhance its focus on the government’s priority sectors and thanked the Prime Minister and relevant government stakeholders for their continued support for IFC’s initiatives in Pakistan.
