WB okays $5.5bn aid -Pakistan Press Foundation (PPF)

Paksitan Press Foundtion

WB okays $5.5bn aid

By: Anwar Iqbal

WASHINGTON: The World Bank has agreed to give $5.5 billion in development aid to Pakistan to support poverty reduction and economic growth.

The funding will provide support to critical social services such as education and health and back infrastructure programmes aimed at creating jobs and restoring long-term growth.

“We will continue our strong support to Pakistan, while keeping a keen eye on implementation to ensure that these efforts translate into real results on the ground,” said World Bank’s Pakistan director Rachid Benmessaoud.

But the bank’s Country Partnership Strategy (CPS) progress report, released here on Thursday, said the bank may not be able to provide budget support given weak conditions for macro-economic reform.

The bank will, however, remain engaged in supporting the Pakistani government on the critical issues of revenue mobilisation and power reform through analytical work, ongoing projects, and exploring operations where disbursements are based on the achievement of results.

Source: Dawn