World Bank urges Pakistan for joint efforts to unlock $2bn funds

Islamabad : The World Bank has highlighted the importance of collaborative efforts to ensure the disbursement of $2 billion in program and project funds to Pakistan during the current fiscal year.

The primary condition set by the international financial institution to unlock these funds is the successful realization of deliverables outlined in agreed-upon indicators by federal and provincial governments. Failure to meet these prerequisites could hinder the disbursement of the $2 billion.

An official announcement from the Economic Affairs Division (EAD) revealed that World Bank Country Director Najy Benhassine held a crucial meeting with interim Finance Minister Dr. Shamshad Akhtar.

During their meeting, both parties assessed the overall performance of the World Bank's ongoing portfolio in Pakistan. They explored various options to expand collaboration in priority areas with the aim of stimulating economic growth in the country.

Dr. Akhtar warmly welcomed the World Bank team, reiterating Pakistan's commitment to its development partnership with the bank. She praised the World Bank's efforts, particularly its country team in Islamabad, for their contributions to Pakistan's economic development.

Benhassine briefed the finance minister on the ongoing portfolio, emphasizing that the World Bank, in collaboration with Pakistan's Ministry of Finance, Revenue, Economic Affairs, and Privatization, is working to improve the implementation performance of ongoing projects and maximize the disbursement of foreign resources. The joint efforts aim to achieve disbursements of approximately $2 billion during the current financial year 2023-24.

The minister shared the government's reform agenda and ongoing efforts to stabilize the economy. She highlighted that the government is well aware that implementing reforms in priority sectors, particularly in energy, is essential to unlocking Pakistan's growth potential. As such, policy reforms in the energy sector will remain a primary focus for the government.

The country director also briefed the minister on the progress under the RISE-II Development Policy Financing Programme, which the World Bank recently negotiated with the EAD.

Minister Akhtar commended the World Bank's immediate support during the 2022 floods. However, considering the substantial post-flood rehabilitation and reconstruction needs in Pakistan, she urged the country director to further extend World Bank support to better address the country's emergency needs.

Collaboration and successful implementation of agreed-upon indicators will be pivotal in ensuring the disbursement of these funds, which hold the potential to boost Pakistan's economic development during the current fiscal year.

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