Economy

World Bank to give $5.5 b to Pak in next 3 years

PTI Washington | Updated on December 23, 2011 Published on December 23, 2011

The World Bank has announced that it will provide $5.5 billion in financial assistance to Pakistan over the next three years.

“The Bank has responded flexibly in the face of the tremendous challenges Pakistan has gone through over the past year or so.

“I am pleased that we have been able to support the emergency response to floods, launch a Multi-Donor Trust Fund (MDTF) for the crises-hit areas of Khyber Pakhtunkhwa, FATA and Balochistan, and deepen engagement with the provinces,” Mr Rachid Benmessaoud, World Bank Country Director for Pakistan, has said.

Releasing the “Country Partnership Strategy Progress Report (CPSPR)” the World Bank said the report assesses changes in the programme since the CPS Board discussion and proposes adjustments for the remaining implementation period.

In consultation with the Pakistan Government, the original CPS period has been extended by one year to include the financial year 2014.

The progress report says the overall focus of the Bank’s strategy — to help Pakistan’s economy get back onto a path of high, sustained growth — remains valid and consistent with the overall priorities of the Government of Pakistan as articulated in its New Framework for Growth Strategy.

According to an official statement, the MDTF for Khyber Pakhtunkhwa, FATA and Balochistan is the Bank’s newest instrument for strategic engagement in the crises-hit regions.

The MDTF became effective on August 5, 2010 with a grant support of 10 countries pledging $140 million.

The focus of the first round of MDTF projects is on creating employment and livelihood opportunities, emergency roads construction, strengthening governance, and revitalising health services, it said.

Published on December 23, 2011
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