ISLAMABAD (Kashmir English): The World Bank has approved $700 million in financial assistance for Pakistan.
The money will be provided under a multi-year program aimed at improving economic stability and public service delivery in the country.
According to the World Bank, these funds will be released under the Public Resources for Inclusive Development Multi-Phase Programmatic Approach, through which a total of up to $1.35 billion in financial assistance can be provided.
Of the approved amount, $600 million has been allocated for federal programs, while $100 million has been allocated for a provincial program in Sindh.
The approval comes after a $47.9 million World Bank grant was given in August to improve primary education in Punjab.
A separate statement issued by the World Bank quoted Bolormaa Amgaabazar, Country Director for Pakistan, as saying that for inclusive and sustainable development in Pakistan, it is essential to increase domestic resources and use them for the public good transparently and effectively.
She said that through the MPA, the World Bank is working with the federal government and the Sindh government to achieve practical results.
This also includes sustainable funding for schools and health centers, a fair tax system, and robust data systems for better decisions, while also protecting social and environmental priorities.
It should be noted that a joint report by the IMF and the World Bank in November said that Pakistan’s fragmented regulatory system, opaque budgeting, and political influence are hindering investment and reducing revenues.
