Bad Pakistan, which is struggling with economic conditions, is once again going to get a loan of 700 million dollars. World Bank will give this new loan to Pakistan. On Saturday, the World Bank approved a loan of $700 million for Pakistan. A media report said that as part of a multi-year initiative launched to stabilize the country’s economic conditions and improve service delivery, the World Bank will provide $700 million assistance to Pakistan. According to a report in Pakistani newspaper Dawn, this amount will be released under the World Bank’s Public Resources for Inclusive Development – Multi-Phase Planned Methodology (PRID-MPA).
Where will $700 million be spent?
According to the report, after taking $700 million from the World Bank, Pakistan will spend $600 million of this amount for federal programs and $100 million will be used to support a provincial program in Sindh province. This approval comes after the World Bank provided $47.9 million in August to improve primary education in Punjab. “Pakistan’s inclusive and sustainable development requires mobilizing greater domestic resources and ensuring they are used effectively and transparently to deliver results for the people,” World Bank Director (Pakistan) Bolorama Amghabazar said in a statement.
Investment is stopping due to political interference
Tobias Akhtar Haq, World Bank Lead Country Economist for Pakistan, said strengthening Pakistan’s financial fundamentals is essential to restoring macroeconomic stability, delivering results, and strengthening institutions. According to the statement, the federal component will focus on raising domestic revenues in a more equitable manner, improving budget planning and implementation, and strengthening data systems for evidence-based decisions. In November, an IMF-World Bank report uploaded by the Finance Ministry said Pakistan’s fragmented regulation, opaque budget and political interference were stifling investment and weakening revenues.
Latest Business News