World Bank Set to Release $2 Billion to Pakistan in FY24

Web DeskSeptember 10, 2023
World Bank Set to Release $2 Billion to Pakistan in FY24

The World Bank is expected to disburse approximately $2 billion to Pakistan in the fiscal year 2023-24 (FY24).

This announcement follows a meeting between World Bank Country Director Najy Binhassine and Pakistan’s Finance Minister Dr. Shamshad Akhtar. During the meeting, they reviewed the World Bank’s ongoing projects in Pakistan and explored opportunities for further collaboration in priority areas to stimulate economic activity in the country.

Dr. Akhtar expressed Pakistan’s appreciation for its development partnership with the World Bank and acknowledged the organization’s contributions to Pakistan’s economic development. She emphasized the government’s commitment to implementing reforms, particularly in the energy sector, to unlock the country’s growth potential.

Also Read: According to PM, incoming governments will likewise follow the IMF agreement.

Najy Binhassine informed the minister that joint efforts are underway to improve the implementation performance of ongoing projects and maximize disbursements of foreign resources, targeting approximately $2 billion in disbursements for FY24.

The meeting also touched on the RISE-II Development Policy Financing Program and the World Bank’s support in the aftermath of the 2022 floods. Dr. Akhtar requested further assistance from the World Bank to address the country’s post-flood rehabilitation and reconstruction needs.

This development underscores the ongoing collaboration between Pakistan and the World Bank to support economic growth and development initiatives in the country.

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