World Bank Likely to Disburse $2 Billion to Pakistan in FY24

World Bank is likely to disburse $2 billion to Pakistan during the current financial year 2023-24 (FY24).

World Bank Country Director Najy Binhassine met with Finance Minister Dr Shamshad Akhtar on Saturday. They discussed and reviewed the overall performance of the World Bank’s ongoing portfolio in Pakistan, and different options were discussed to further expand collaboration in different priority areas to help boost the economic activities in the country.

Dr Akhtar reiterated that Pakistan values its development partnership with the World Bank. She appreciated the efforts of the World Bank management, especially the country team in Islamabad in the economic development of Pakistan.

Najy Binhassine while briefing the minister on the ongoing portfolio, indicated that the World Bank management, in collaboration with the Ministry of Finance, is making efforts to not only improve the implementation performance of the ongoing portfolio but also to maximize the volume of disbursement of foreign resources. He indicated that the joint efforts are targeting disbursements of around $2 billion during (FY24).

The minister shared the reform agenda of the government and the ongoing efforts to stabilize the economy. She also informed that the government is cognizant of the fact that implementation of reforms in the priority sectors, particularly in the energy sector, will allow Pakistan to unleash its growth potential, therefore introducing policy reforms in this sector will remain the prime focus.

The Country Director briefed the minister on the progress under the RISE-II Development Policy Financing Program, which has recently been negotiated by the World Bank with EAD.

The minister commended the immediate support of the World Bank during the 2022 Floods. However, considering the enormous post-flood rehabilitation and reconstruction needs of the country, she asked the Country Director to extend further World Bank support to better cope with the emergency needs of the country.

Source: Pro Pakistani