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06-23-2016, 05:01 AM
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WB approves $1.02 billion for eco**mic reforms in Pakistan
ISLAMABAD: The World Bank (WB) has approved .02 billion for Pakistan, including $500 million IDA development policy credit, which will be released as a single tranche before the end of the ongoing financial year.
According to an an**uncement made by the WB in Islamabad here on Wednesday, the bank approved financing worth .02 billion using three different financing instruments. The approved financing will support the deepening of Pakistan’s eco**mic reforms and to strengthen the capacity of the Sindh province to deal with natural disasters. The Government of Pakistan will formally sign the financing agreement with the World Bank at Islamabad today (June 23) 2016, thereafter the World Bank will disburse $500 million to Pakistan in a single tranche. The Competitiveness and Growth Development Policy Financing (CGDPF) will support the Government of Pakistan’s efforts to encourage eco**mic growth and investment for reducing poverty and building shared prosperity. “The Government of Pakistan has made significant progress in stabilising the eco**my, initiating reforms for revenue mobilisation and drawing in the private sector for spurring growth,” says Illango *****amuthu, the World Bank Country Director for Pakistan. “It is **w stepping up efforts through deeper reforms and an accelerated pace of implementation. This will improve the competitiveness of the eco**my, which in turn will create more and better jobs, lifting millions out of poverty.” The CGDPF will provide $920 million in budget support to improve the business environment and strengthen fiscal management. The financing combines a credit of $500 million and a World Bank guarantee of $420 million. “The operation will support reforms that contribute towards accelerating growth and fostering an inclusive growth pattern,” says Enrique Blanco Armas, Task Team Leader of the project. “Reforms supported will improve the business environment and contribute to the development of the financial sector and reforms of state owned enterprises. The operation also supports efforts for improved fiscal management through increased revenues, better coordination of debt management and making public spending more pro-poor.” The World Bank guarantee is an in**vative instrument that will support Pakistan’s access to international markets to meet its budgetary financing needs. The World Bank will guarantee up to $420 million of financing to be raised by Pakistan, improving the terms under which the Government of Pakistan accesses international financing, and freeing domestic resources for private sector investment. Sindh Resilience Project (SRP) of $100m aims at reducing flood and drought risks in selected areas of Sindh and to strengthen the province’s capacity to manage natural disasters. “The project would contribute to reduction in vulnerability and risk in Sindh through a combination of physical works, strengthening fiscal resilience, and institutional development activities,” says Haris Khan, Task Team Leader of the project. An estimated 5 million people, including both urban and rural populations, will be directly protected from frequent river flooding events. In addition, an estimated 65,000 people who are currently exposed to drought and food insecurity, will also be directly benefiting from the construction of small dams for rain water harvesting and recharging of groundwater reservoirs The CGDPF’s Development Policy Credit will be financed from the International Development Association (IDA), the World Bank’s grant and low interest arm. The credit will be on standard IDA terms, with a maturity of 25 years, including a grace period of 5 years. The SRP will have a maturity of 24 years, including a grace period of five years. أكثر... ??????? ??????: WB approves $1.02 billion for eco**mic reforms in Pakistan || ??????: ahlam1399 || ??????: اسم منتداك
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