Federal Minister for Economic Affairs and Pakistan’s Governor to the World Bank Group (WBG), Mr. Ahad Khan Cheema, met WBG President Mr. Ajay Banga on the sidelines of the 2026 WBG–IMF Annual Meetings in Bangkok to discuss the next phase of Pakistan’s longstanding partnership with the WBG. Building on President Banga’s visit to Pakistan in February 2026, the meeting focused on translating macroeconomic stabilization into sustainable, investment-led growth, productive employment and improved livelihoods.
The Minister acknowledged President Banga’s efforts to enhance the WBG’s operational efficiency, particularly the reduction in average project preparation time from 19 months to nine months, and its record US$112 billion in private capital mobilization in FY2026. He highlighted the Government of Pakistan’s own whole-of-government reform effort, led by the Prime Minister’s Steering Committee on implementation reforms, to address systemic bottlenecks and expedite project execution. Both sides agreed to build on these efforts by further streamlining processes, strengthening operational effectiveness and accelerating the delivery of development outcomes.
The Minister emphasized the importance of aligning CPF implementation and policy reforms with large-scale, high-impact investments in key sectors of the economy that can expand productive capacity, stimulate private investment and generate employment. Priorities include digital transformation and AI, minerals and value addition, primary healthcare, skills development, agricultural value chains, energy and transport infrastructure. He highlighted the importance of continued WBG financing for strategic initiatives, including ML-1 and the National Artificial Intelligence and Economic Development Program, to strengthen connectivity, enhance competitiveness and support sustainable, job-rich economic growth. He stressed that the partnership must look towards delivering lasting development outcomes, with credible monitoring of progress and a clear focus on tangible improvements in the lives of end beneficiaries.
The Minister highlighted the Government’s commitment to strengthening the private sector as an engine of investment, innovation and job creation, including through its target of doubling SME financing by 2028. He noted the Prime Minister’s active engagement with development partners to mobilize support for this agenda. President Banga reaffirmed the WBG’s support for Pakistan’s efforts to expand private-sector activity and mobilize investment, emphasizing the importance of carefully selecting financial institutions and private partners capable of delivering sustainable results for businesses and end beneficiaries. The discussion also explored the potential of a sovereign wealth fund to mobilize investment, while ensuring that privatization safeguards strategic national interests.
Both sides reaffirmed their commitment to a forward-looking partnership that combines Pakistan’s development priorities with the WBG’s global expertise and capacity to mobilize public and private investment. The shared objective is to translate high-impact investments and reforms into sustained economic growth, productive jobs and improved quality of life for the people of Pakistan.
*-*-*-*-*
