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World Bank approves $800m loan
Funds will help government finance budget deficit
The World Bank board approved $400 million PACE loan only after the government accepted at least six prior conditions. PHOTO: AFP
ISLAMABAD:
The World Bank has approved $800 million in loans to finance Pakistan’s budget deficit after the government accepted conditions like increasing electricity prices to reduce circular debt and giving targeted subsidies - measures the lender said would increase poverty in the country.
The board of directors of the World Bank approved financing for two programmes - Pakistan Programme for Affordable and Clean Energy (PACE) and the second Securing Human Investments to Foster Transformation (SHIFT-II), totalling $800 million, stated the World Bank.
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May 1, 2021
ISLAMABAD: Pakistan has asked World Bank for $1.2 billion loans during the ongoing fiscal year, including $600 million for Pakistan Programme for Affordable and Clean Energy to reduce circular debt via cost cut in power generation, decarbonising energy mix, improving distribution, and retargeting electricity subsidies.
The proposed programme loan of $600 million would be given in the shape of $300 million IDA loan and remaining $300 million as IBRD financing. “Pakistan and the WB high-ups discussed $1.2 billion programme loans approval till June 30, 2021, for undertaking reforms on energy and fiscal side,” top official sources confirmed to The News on Friday.
Project financing has been slowed down in Pakistan due to various reasons, including lacklustre approach of executing agencies of donor funded projects. Therefore, authorities were now aiming to generate dollar inflows through programme loans, because its funding was disbursed after undertaking stru
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