World Bank approved yet another loan for Pakistan

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World Bank approved yet another loan for Pakistan

Washington: The World Bank’s Board of Executive Directors approved $304 million in financing for Punjab Resource Improvement and Digital Effectiveness Program (PRIDE).

The program supports efficiencies in public resource management that generate savings and create fiscal space for growth-generating investments in the Punjab province.

“The PRIDE program is integral to the World Bank’s whole-of-country approach in helping Pakistan strengthen public financial management systems at the federal and provincial levels," said Najy Benhassine, World Bank Country Director for Pakistan.

“Punjab is the largest province, accounting for 55 percent of the population and about 60 percent of the economy, so improving quality and access to public services is key to Pakistan’s development.”

The PRIDE Program will support the government of Punjab in strengthening fiscal risk management and budget formulation to ensure reliable resource allocation for public services.

The program will improve revenue collection by increasing registration of businesses and real estate, and simplifying tax administration processes such as registration, filing, payment, refunds and appeals, read the official press release

In the wake of COVID-19 pandemic, the program also focuses on deploying technology-based solutions to enhance public service delivery and increase access to online services for firms and individuals. This will support Punjab in digitizing key government services to streamline processes and increase efficiencies in the public service delivery.