Prime Minister Shehbaz Sharif on Thursday thanked the World Bank for placing faith in Pakistan after pledging to provide $20 billion under the 10-year country partnership framework (CPF) last week.

According to a World Bank statement, the new framework for the country aimed to “support inclusive and sustainable development through a strong focus on building human capital”, in addition to fostering durable private sector growth.

On Saturday, World Bank executive directors emphasised the importance of effective partner coordination among the World Bank Group, the IMF and other key development partners to continue supporting the implementation of critical reforms in Pakistan, including those in the energy sector and domestic revenue mobilisation and to strengthen donor alignment.

While addressing a ceremony in Islamabad today, PM Shehbaz highlighted Pakistan’s “very strong relation with the World Bank” over the years.

He emphasised various projects undertaken in Pakistan through the world bank’s support, including hydropower generation in the water sector and reforming various important organisations such as the Federal Board of Revenue.

He expressed his gratitude to World Bank Vice President for South Asia Martin Raiser, who was in attendance at the ceremony, World Bank President Ajay Banga and the World Bank team in Pakistan.

While addressing Raiser, he said: “Your presence here is a message to the people of Pakistan that the World Bank has faith in pakistan’s system, which is now attaining vibrancy and has become functional and operational, undertaking deep rooted structural changes which were long overdue.

“It should have been done decades ago which is being done today. But I believe in the fact that it is never too late,” he said.

He noted that the digitisation of the Federal Board of Revenue (FBR) is “rapidly on track”.

Additionally, the pilot project of faceless interaction between importers and customs officials at Karachi’s Port is operational, which will be replicated at all other airports, dry ports.

The prime minister noted that this would enhance economic recoveries “to the tune of trillions of rupees in the coming months and years not only in customs duties but in inland revenues and sales tax.

“And of course, reducing corruption immensely,” he said, adding that these funds would then be made available for important socioeconomic projects, alleviating poverty and promoting education.

“Therefore, this vision is very timely intervention to address all these issues which is facing Pakistan as a humongous challenge,” he said.

PM Shehbaz then addressed Raiser in German, his native language, to thank him for his unwavering commitment to promote Pakistan’s cause.