By The South Asia Times

ISLAMABAD - The World Bank has reaffirmed its commitment to support Pakistan’s long-term economic reforms with a $20 billion financing framework, signaling continued international backing for the country’s development agenda amid ongoing fiscal and structural challenges.

Pakistan Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met with World Bank Managing Director for Operations Anna Bjerde on the sidelines of the AlUla Conference for Emerging Market Economies in Saudi Arabia, where both sides reviewed progress under the Country Partnership Framework (CPF) and explored ways to deepen development cooperation, according to official statement.

The meeting followed the World Bank president’s recent visit to Pakistan and focused on accelerating implementation of the CPF, a roadmap designed to guide the country’s economic and social development over the next decade.

Discussions covered key priority sectors including energy, education, healthcare, climate resilience, infrastructure, fiscal reforms, and debt-for-development swaps. Both parties emphasized the need for a more targeted strategy supported by measurable performance indicators and stronger execution mechanisms to ensure commitments translate into tangible results.

Bjerde reiterated the World Bank Group’s “strong commitment” to Pakistan’s ten-year development program valued at $20 billion, highlighting the importance of sustained engagement and effective policy implementation to maximize its developmental impact.

Aurangzeb reaffirmed Islamabad’s commitment to close collaboration with the World Bank and pledged full cooperation across federal ministries. He also stressed the critical role of provincial governments in improving coordination and ensuring timely delivery of projects under the program.

The AlUla Conference, launched in 2025, convenes finance ministers, central bank governors, international financial institutions, and senior policymakers to address pressing economic challenges facing emerging markets.

The renewed pledge comes as Pakistan seeks to stabilize its economy, attract investment, and strengthen resilience against climate and external financial shocks, making multilateral support a cornerstone of its long-term growth strategy.

Meanwhile, Aurangzeb also met with Faisal bin Fadhil Alibrahim, Minister of Economy and Planning of the Kingdom of Saudi Arabia, and discussed follow-ups on matters relating to Saudi investments in Pakistan as well as bilateral economic cooperation.