The Government of Pakistan is looking forward to secure loans amounting to$12 billion from the World Bank over a period of five years as part of anew partnership strategy. The international lender is expected to approveof the loans by May of this year.

As reportedlink by The Express Tribune, a discussion took place between Minister forEconomic Affairs Makhdoom Khusro Bakhtiar and World Bank Country DirectorNajy Benhassine over the country’s development priorities for the next fiveyears.

According to the report, a senior ministry official said that there were nofirm financial commitments by the World Bank at this stage. He said thatbased on Pakistan’s quota, budget support needs and borrowings by theprivate sector, the total lending from 2022 to 2026 could be around $12billion.

The official added that Pakistan has urged the World Bank to focus itsinterventions only in few areas where meaningful impact could be made andat the same time the loans are not spread out in small projects.

Restoring macroeconomic stability, improving energy sector performance,strengthening public governance and improving management of water resourceswould remain the top priorities of the World Bank in Pakistan, said thegovernment official.

The World Bank is expected to complete consultations with Pakistan by endof next month and its board may approve the new five-year lending plan inMay this year, according to the official.

Pakistan has remained fairly reliant on multilateral lenders in order tomeet its budgetary and development needs.

The World Bank is already financing 58 projects worth $12 billion andprogrammes in Pakistan. The lender is currently reviewing theimplementation of 2015-21 country partnership strategy. About $4.2 billionworth of projects and programme loans remain undisbursed under the 2015-21country partnership strategy that is going to expire this June.