WB to disburse $2b to Pakistan during current fiscal year 2023-24: Country Head

ISLAMABAD: World Bank has indicated to disburse US$2.0 billion amount to Pakistan during the current financial year 2023-24.

According to details, Country Director of World Bank Najy Binhassine called on Caretaker Minister for Finance, Revenue, Economic Affairs, and Privatization Dr Shamshad Akhtar and reviewed the overall performance of the World Bank ongoing portfolio in Pakistan. They discussed different options to further expand collaboration in different priority areas to help boost the economic activities in the country.

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

WB Country Director Najy Binhassine, while briefing the Finance Minister on ongoing portfolio, indicated that the World Bank Management, in collaboration with Ministry of Finance, Revenue, Economic Affairs and Privatization, 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 US$2.0 billion during the current financial year, i.e., 2023-24.

On the occasion, the Finance Minister shared the reform agenda of the government and the ongoing efforts to stabilize the economy. She also informed that the Government of Pakistan is cognizant of the fact that implementation of reforms in the priority sectors, particularly in the energy sector, will allow Pakistan to unleash the growth potential, therefore introducing Policy Reforms in this sector will remain the prime focus of the Government of Pakistan.

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

The Finance 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, the Finance Minister asked the Country Director for extending further World Bank support to better cope with the emergency needs of the country.

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