WB approves USD 800mn new loan to Pakistan
ANI
30 Jun 2021, 09:37 GMT+10
Washington DC [US], June 30 (ANI): The World Bank on Tuesday approved USD 800 million in financing for two programs in Pakistan the Pakistan Program for Affordable and Clean Energy and the Second Securing Human Investments to Foster Transformation.
A World Bank (WB) release said that the USD 400 million Pakistan Program for Affordable and Clean Energy (PACE) focuses on measures to improve the financial viability of the power sector and support the country s transition to low-carbon energy. Power sector reforms are critical to resolving Pakistan s fiscal challenges, said Rikard Liden, World Bank Task Team Leader for the PACE program. Decarbonizing the energy mix will reduce the dependence on fossil fuel imports and vulnerability to price fluctuations because of movement in exchange rates. PACE prioritizes action on such reforms, which must be sustained to address circular debt and set the power sector on
World Bank approves USD 800mn loans to Pakistan ANI | Updated: Jun 30, 2021 05:44 IST
Washington DC [US], June 30 (ANI): The World Bank on Tuesday approved USD 800 million in financing for two programs in Pakistan the Pakistan Program for Affordable and Clean Energy and the Second Securing Human Investments to Foster Transformation.
A World Bank (WB) release said that the USD 400 million Pakistan Program for Affordable and Clean Energy (PACE) focuses on measures to improve the financial viability of the power sector and support the country s transition to low-carbon energy. Power sector reforms are critical to resolving Pakistan s fiscal challenges, said Rikard Liden, World Bank Task Team Leader for the PACE program. Decarbonizing the energy mix will reduce the dependence on fossil fuel imports and vulnerability to price fluctuations because of movement in exchange rates. PACE prioritizes action on such reforms, which must be sustained to
The World Bank on Tuesday approved USD 800 million in financing for two programs in Pakistan the Pakistan Program for Affordable and Clean Energy and the Second Securing Human Investments to Foster Transformation. A World Bank (WB) release said that the USD 400 million Pakistan Program for Affordable and Clean Energy (PACE) focuses on measures to improve the financial viability of the power sector and support the country s transition to low-carbon energy. Power sector reforms are critical to resolving Pakistan s fiscal challenges, said Rikard Liden, World Bank Task Team Leader for the PACE program. Decarbonizing the energy mix will reduce the dependence on fossil fuel imports and vulnerability to price fluctuations because of movement in exchange rates. PACE prioritizes action on such reforms, which must be sustained to address circular debt and set the power sector on a sustainable path.
Pakistan s external debt likely to increase
ANI
30 Jun 2021, 13:03 GMT+10
Islamabad [Pakistan], June 30 (ANI): Pakistan s external debt is likely to increase in the near future as it is under compulsion to borrow more and more every year to repay its outstanding external loans, finance its current account and build its forex reserves.
Over the last 15 years or so, the country s external debt and liabilities have grown at a varying pace but no effort made during this period succeeded in containing the exponential increase in the burden, Dawn reported.
This is evident from the over 150 per cent growth in foreign debt and liabilities to USD 116.3 billion from USD 45.4 billion at the end of Financial Year 2008. Moreover, Pakistan purchased nearly 63 per cent more debt or USD 12.13 billion in the first 11 months of the outgoing fiscal year compared to USD 7.4 billion the government had borrowed during the same period last year.
Pakistan s external debt likely to increase as dependence on foreign loans continues ANI | Updated: Jun 30, 2021 08:14 IST
Islamabad [Pakistan], June 30 (ANI): Pakistan s external debt is likely to increase in the near future as it is under compulsion to borrow more and more every year to repay its outstanding external loans, finance its current account and build its forex reserves.
Over the last 15 years or so, the country s external debt and liabilities have grown at a varying pace but no effort made during this period succeeded in containing the exponential increase in the burden, Dawn reported.
This is evident from the over 150 per cent growth in foreign debt and liabilities to USD 116.3 billion from USD 45.4 billion at the end of Financial Year 2008. Moreover, Pakistan purchased nearly 63 per cent more debt or USD 12.13 billion in the first 11 months of the outgoing fiscal year compared to USD 7.4 billion the government had borrowed dur