Good News on economic front as Pakistan seeks $2 billion
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The World Bank has urged Pakistan to engage in cooperative endeavors to ensure the disbursement of $2 billion in program and project loans during the current fiscal year. This request is contingent upon the fulfillment of predefined conditions by both federal and provincial governments through the effective execution of agreed-upon performance indicators.
In an official statement issued by the Economic Affairs Division (EAD), it was disclosed that the Country Director of the World Bank engaged in discussions with Dr. Shamshad Akhtar, Pakistan's Minister for Finance, Revenue, Economic Affairs, and Privatization.
During their meeting, the two parties conducted a comprehensive assessment of the World Bank's ongoing initiatives in Pakistan. Additionally, they explored various avenues for expanding collaboration in key priority sectors with the aim of stimulating economic activity within the country.
Dr. Shamshad Akhtar expressed her gratitude for the World Bank's role in Pakistan's development, specifically commending the efforts of the World Bank management and the country team in Islamabad for their contributions to the nation's economic progress.
Najy Binhassine, the Country Director of the World Bank, provided an overview of the existing project portfolio and highlighted the collaborative efforts being made in conjunction with the Ministry of Finance, Revenue, Economic Affairs, and Privatization.
Their combined focus is on enhancing the implementation performance of ongoing projects and maximizing the disbursement of foreign resources. The overarching objective of these joint endeavors is to target disbursements totaling approximately $2 billion for the fiscal year 2023-24.
