ISLAMABAD: The World Bank has stressed the need for concerted efforts to ensure the disbursement of $2 billion in program and project loans to Pakistan during the current financial year, JEE News reported on Sunday.
A key condition for the IMF to unlock funds is the successful delivery of deliverables by federal and provincial governments, as defined in its agreed indicators. Therefore, failure to meet these conditions will impede the disbursement of $2 billion.
The Economic Affairs Division (EAD) made an official announcement in this regard stating that World Bank Country Director Naji Benhasin met Interim Finance Minister Dr. Shamshad Akhtar.
During their meeting, the two reviewed the overall performance of the World Bank’s ongoing portfolio in Pakistan. Various other options were explored to expand cooperation in priority areas, with the aim of accelerating economic growth within the country.
Dr. Akhtar welcomed the World Bank team and reiterated that Pakistan values its development partnership with the Bank. He appreciated the efforts of the World Bank administration, especially the country team in Islamabad, in the economic development of Pakistan.
Briefing the Finance Minister on the ongoing portfolio, Ben Hasin indicated that the World Bank administration in collaboration with Pakistan’s Ministry of Finance, Revenue, Economic Affairs and Privatization not only strives to improve the implementation efficiency of the ongoing portfolio. but also to maximize the volume of foreign resource allocation.
He indicated that the joint effort aims to disburse about $2 billion during the current fiscal year 2023-24.
The minister informed about the government’s reform agenda and ongoing efforts to stabilize the economy. He also said that the Government of Pakistan is well aware of the fact that implementation of reforms in priority sectors, especially in the energy sector, will enable Pakistan to utilize its development potential, therefore introducing policy reforms in this sector is the most important. Will be the center of attention. government of Pakistan
The Country Director briefed the Minister on the progress under the RISE-II Development Policy Financing Programme, recently negotiated by the World Bank with the EAD.
The minister appreciated the World Bank’s prompt assistance during the 2022 floods. However, keeping in mind the enormous post-flood rehabilitation and reconstruction needs in the country, the Minister asked the Country Director to further enhance the World Bank’s support to better address the country’s emergency needs.
