LAHORE MIRROR — The World Bank has emphasized the importance of collaborative efforts to ensure the disbursement of $2 billion in program and project loans to Pakistan during the current fiscal year.
According to a report in The News on Sunday, the international financial institution has set a crucial condition for unlocking these funds, which is the successful achievement of agreed-upon indicators by federal and provincial governments. Failure to meet these prerequisites will hinder the $2 billion disbursement.
The Economic Affairs Division (EAD) officially announced this development, revealing that World Bank Country Director Najy Benhassine held a meeting with interim Finance Minister Dr. Shamshad Akhtar. During their meeting, they assessed the overall performance of the World Bank’s ongoing projects in Pakistan and explored various options to expand collaboration in priority areas with the aim of stimulating economic growth within the country.
Dr. Akhtar expressed Pakistan’s appreciation for its development partnership with the World Bank and acknowledged the efforts of the World Bank management, particularly the country team in Islamabad, in contributing to Pakistan’s economic development.
Benhassine, while briefing the finance minister on the ongoing projects, indicated that the World Bank, in cooperation with Pakistan’s Ministry of Finance, Revenue, Economic Affairs, and Privatization, is working to enhance the implementation performance of ongoing projects and maximize the disbursement of foreign resources. Their joint efforts are targeting disbursements of around $2 billion in the current financial year 2023-24.
The minister shared the government’s reform agenda and ongoing efforts to stabilize the economy. She emphasized that the implementation of reforms in priority sectors, particularly in energy, is crucial for unlocking Pakistan’s growth potential, making policy reforms in this sector a top priority for the Pakistani government.
The country director also briefed the minister on the progress of the RISE-II Development Policy Financing Programme, which has recently been negotiated between the World Bank and the EAD.
Furthermore, the minister praised the immediate support provided by the World Bank during the 2022 floods. However, given the substantial post-flood rehabilitation and reconstruction needs of the country, she requested the country director to extend further World Bank support to better address the emergency requirements of Pakistan.
SOURCE: THE NEWS INTERNATIONAL
