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World Bank Funds Pakistan's Stability Drive
20 Dec
Summary
- World Bank approved $700 million for Pakistan's economy.
- Funds target inclusive development and service delivery.
- Pakistan aims to mobilize domestic resources efficiently.
The World Bank has committed USD 700 million to Pakistan through a multi-year initiative designed to enhance the nation's macroeconomic stability and improve service delivery. This significant financing is part of a larger program that could extend up to USD 1.35 billion, demonstrating a strong commitment to Pakistan's development.
The allocated funds will be divided, with USD 600 million designated for federal programs and USD 100 million earmarked for a provincial initiative in Sindh. This approach underscores a nationwide strategy to strengthen Pakistan's fiscal infrastructure, aiming for more predictable funding for essential services like schools and clinics.
Bolormaa Amgaabazar, World Bank's country director for Pakistan, emphasized the importance of mobilizing domestic resources and ensuring their efficient, transparent use. Reforms will focus on expanding fiscal space, bolstering human capital and climate resilience, and improving revenue administration and budget execution for better accountability and outcomes.
