Daily Times
June 30, 2021
The World Bank (WB) has approved $800 million financing for Programme for Affordable and Clean Energy (PACE) and the Second Securing Human Investments to Foster Transformation (SHIFT-II) programme.
World Bank Country Director for Pakistan, Najy Benhassine said that the reforms underpinning PACE and SHIFT can contribute to facilitating sustainable investments and generate welfare gains for those most in need, according to a statement issued on Tuesday.
The $400 million PACE focuses on measures to improve the financial viability of the power sector and support the country’s transition to low-carbon energy.
PACE prioritises actions needed to initiate critical power sector reforms focused on: reducing power generation costs; better targeting of subsidies and tariffs for consumers; and improving efficiencies in electricity distribution with the participation of the private sector. Additional medium-term reforms are under development, focusing on subsidies,
Soon after the approval, the two sides signed the loan agreements for quick disbursements.
Secretary of Ministry of Economic Affairs Noor Ahmed and the World Bank’s Acting Country Director Melinda Good signed the agreements on behalf of respective sides.
The ministry said the first loan pertains to the Second Securing Human Investments to Foster Transformation Development Policy Financing (SHIFT-II) Programme worth $400m. The programme financing is aimed at strengthening civil registration and vital statistics, health and education systems essential for human capital accumulation and recognising the contribution of women to economic productivity.
The programme seeks improvement to national safety nets to respond to shocks in a more efficient manner.
World Bank, ADB delay $1b loans tribune.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribune.com.pk Daily Mail and Mail on Sunday newspapers.
Govt seeks time to meet WB’s loan terms
Tarin says measures to be taken for effective resource mobilisation, enhancing productivity
World Bank. PHOTO: FILE
ISLAMABAD:
The government on Tuesday sought more time from the World Bank to implement its conditions for qualifying for $1.5 billion loans to meet the burgeoning external financing needs, sources told The Express Tribune.
Pakistan is seeking three budget support loans, totalling $1.5 billion, from the World Bank before the end of June, they said, adding that the World Bank had set May 10th deadline to implement the conditions for the loans approval.
Finance Ministry officials said that Finance Minister Shaukat Tarin held a virtual meeting with Axel van Trotsenburg, the managing director (operations) of the World Bank, to review the status of the three under consideration loans.
Govt seeks time to meet WB s loan terms tribune.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribune.com.pk Daily Mail and Mail on Sunday newspapers.