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World Bank approves $500 million credit - LahoreEstate - 03-27-2009 09:05 AM
World Bank approves $500 million credit
WASHINGTON (March 27 2009): The World Bank on Thursday approved a $500 million line of credit for Pakistan to help stabilise the South Asian economy in the face of political and economic turmoil and investor uncertainties. World Bank country director for Pakistan Yusupha Crookes said policies adopted so far by the government had helped rebuild foreign exchange reserves and lowered inflation.
"However, the sharp deterioration of the global economy poses significant risks to exports, remittances, and external financing. This underlines the importance of Pakistan regaining economic stability and protecting its poorest citizens during the process," Crookes added.
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