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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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.