Pakistan and World Bank Forge Stronger Development Partnership
AlUla, Saudi Arabia – February 9, 2024 – Pakistan’s Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, convened with Ms. Anna Bjerde, Managing Director of the World Bank Group, on Sunday to discuss the crucial Country Partnership Framework (CPF) and outline key development priorities for Pakistan. The high-level meeting took place on the sidelines of the Annual AlUla Conference for Emerging Market Economies, a significant forum for global economic dialogue.
The discussions served as a follow-up to the recent visit of the World Bank President to Pakistan, with both parties reviewing the progress achieved under the existing CPF. A central theme of the dialogue was charting a course to further enhance and solidify development cooperation between Pakistan and the World Bank.
The deliberations encompassed a broad spectrum of critical sectors vital for Pakistan’s growth and stability. These included:
- Energy: Addressing the nation’s energy needs and exploring sustainable solutions.
- Education: Investing in human capital development through improved educational access and quality.
- Health: Strengthening healthcare systems and improving public health outcomes.
- Climate Resilience: Building Pakistan’s capacity to withstand and adapt to the impacts of climate change.
- Debt-for-Development Swaps: Exploring innovative financial mechanisms to leverage existing debt for development initiatives.
- Fiscal Reforms: Implementing measures to enhance fiscal discipline and improve revenue generation.
- Infrastructure Development: Investing in essential infrastructure to support economic growth and connectivity.
A key takeaway from the meeting was the mutual emphasis on adopting a more focused approach to development initiatives. This entails the introduction of clear performance trackers to monitor progress and the establishment of more robust and effective implementation mechanisms. The overarching goal is to ensure that commitments translate into tangible, measurable outcomes that directly benefit the Pakistani populace.
Ms. Anna Bjerde underscored the World Bank Group’s unwavering commitment to Pakistan’s ambitious ten-year development program, which is valued at USD 20 billion. She reiterated the Bank’s steadfast support for Pakistan’s ongoing reform agenda and its broader development aspirations. Ms. Bjerde highlighted the critical importance of sustained engagement and effective execution of planned projects to maximize the developmental impact of this significant investment.
Senator Muhammad Aurangzeb, in turn, reaffirmed the Government of Pakistan’s dedication to fostering close collaboration with the World Bank Group. He assured the Managing Director of the government’s full cooperation, working through the relevant federal ministries to expedite progress. Furthermore, the Finance Minister emphasized the indispensable role and active cooperation of Pakistan’s provincial governments. This collaborative effort at both federal and provincial levels is deemed essential for ensuring better coordination, timely execution of projects, and the delivery of demonstrable, measurable results under the development program.
The AlUla Conference for Emerging Market Economies, which commenced in 2025, serves as a vital platform for high-level discussions. It convenes finance ministers, central bank governors, senior policymakers, leaders from international financial institutions, and leading global experts. Their collective objective is to deliberate on the most pressing economic challenges and emerging opportunities facing economies around the world, fostering a shared understanding and collaborative approach to global economic prosperity.
