The World Bank’s $20 billion Country Partnership Framework (CPF) offers a lifeline—a beacon of hope for a country desperately in need of structural reform. It champions an inclusive growth model that seeks to expand opportunity, strengthen governance, and empower the underserved. Yet, this is not just a call to uplift the downtrodden; it is a rare moment for Pakistan’s elite to secure their own futures by aligning with a system that promises stability and growth for all. To do so, however, they must reckon with the reality that the old ways of doing business are no longer viable.
For decades, the entrenched elite have extracted wealth from a system rooted in monopolistic practices, crony capitalism, and inequitable governance. This extractive model thrived on political patronage and a governance structure designed to suppress accountability and concentrate power. But these foundations have crumbled under the weight of economic stagnation, an unsustainable debt burden, and increasing demands from international lenders for transparency and reform. The hybrid regimes of recent years, marked by their alignment with vested interests and disregard for institutional integrity, have only deepened the crisis.
The status quo is no longer an option. The economy, battered by inflation, currency devaluation, and dwindling foreign reserves, cannot sustain the privileges of the elite indefinitely. Even their vast wealth is losing value in an environment where instability reigns supreme. Yet within this bleak landscape lies an opportunity—a chance for the elite to adapt, to embrace a system that not only ensures their survival but allows them to thrive in a rapidly changing world.
The inclusive growth model advocated by the World Bank is rooted in principles that, on the surface, may seem antithetical to the elite’s historical practices: good governance, rule of law, accountability, and equitable distribution of resources. But these principles are not obstacles; they are pathways to a more secure and prosperous future. By supporting reforms that create a transparent and predictable economic environment, the elite stand to gain from an expanded market, new investment opportunities, and a more robust private sector.
Pakistan stands at a crossroads. The inclusive growth model is not just a policy framework; it is a paradigm shift, a chance to build a nation where prosperity is shared and stability is assured
Consider the untapped potential of Pakistan’s middle and lower classes. Decades of neglect and inequality have stifled the development of a vibrant consumer base. Inclusive growth, through investments in education, healthcare, and infrastructure, would unlock this potential, creating a burgeoning market for goods and services. For the elite, this means new avenues for business expansion and wealth creation. As the economy diversifies and modernises, those who adapt to the new rules of the game will find themselves at the forefront of Pakistan’s resurgence.
International partnerships further amplify this potential. Pakistan’s alignment with global best practices, fostered by the CPF, will attract foreign investment and open doors to international markets. The elite, by playing an active role in this transformation, can position themselves as key players in a more competitive and interconnected economy. Instead of clinging to outdated monopolies, they can leverage their resources and influence to become leaders in emerging industries such as technology, renewable energy, and sustainable infrastructure.
Yet, the benefits of inclusive growth extend beyond economics. A system grounded in accountability and the rule of law offers the elite a level of security and stability that has long been absent. Clear property rights, enforceable contracts, and an independent judiciary reduce the risks of doing business, fostering an environment where wealth can be preserved and grown without fear of arbitrary confiscation or political retribution. Moreover, a more equitable system reduces the social unrest and political volatility that have become all too common in Pakistan, creating a more stable foundation for long-term prosperity.
But for this transformation to succeed, the elite must relinquish some of their privileges—privileges that have long undermined the country’s potential. They must embrace a new social contract, one that prioritises civilian supremacy, devolves power to local governments, and fosters a culture of accountability. This is not a call to diminish their influence but to redirect it toward a vision that benefits both the elite and the broader society. By investing in the country’s future, the elite secure their own place within it, ensuring that their wealth and legacy endure.
The alternative is bleak. A refusal to change will only accelerate the country’s decline, dragging the elite down with it. The hybrid regime, a product of political expediency and institutional decay, has already run its course. It cannot weather the storm of economic collapse or meet the demands of a restless population. Clinging to this model is a recipe for disaster, not just for Pakistan but for those who have long benefited from its inequities.
Pakistan stands at a crossroads. The inclusive growth model is not just a policy framework; it is a paradigm shift, a chance to build a nation where prosperity is shared and stability is assured. For the entrenched elite, it is an opportunity to rewrite their own narrative—to move from being seen as the architects of stagnation to the champions of renewal. This is their moment to lead, to adapt, and to thrive in a new Pakistan that pulls itself back from the brink and moves toward a future of shared success. Will they seize it? Or will they let it slip away, along with their fortunes and the nation’s hopes?