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+--- Thread: World Bank drops 20 projects, channels development funds to 'budgetary support' (/showthread.php?tid=7133)
World Bank drops 20 projects, channels development funds to 'budgetary support' - Naveed Yaseen - 09-01-2009 07:46 AM
Naveed comments: 'Budgetary Support' is clearly a violation of World Bank's charter, probably by corrupt collusion of bank and government officials.
World Bank dropped 20 projects: consultant
RECORDER REPORT
ISLAMABAD (September 01 2009): World Bank (WB) has dropped 20 projects of Pakistan due to shift of resources from project financing to budgetary support. The bank has almost cancelled IBRD financing facility for Pakistan. Talking to reporters, World Bank Consultant on Country Assistance Strategy Review Harry Garnett said that as many as 20 projects have been denied funds previous year due to policy shift.
He said that the projects were not scrapped due to the micro economic indicators of Pakistan. He showed satisfaction over the performance of World Bank loan disbursement to Pakistan during the last three years. "World Bank disbursed loan amounting to $2.3 billion out of the total pledged $3 billion during the last three years," he said.
Another World Bank official wishing not to be named said that Pakistan was in worst condition due to poor security situation, transition from military regime to democracy and military operation in Taliban hit areas of NWFP. "I am surprised how the World Bank programme is moving ahead," he added. He emphasised on the community development programmes that should be result oriented. He said that World Bank has developed a system of monitoring of the projects to achieve the desired results.
During the consultation workshop, participants from civil society and media urged to make public the agreements signed between government of Pakistan and World Bank that could help make the government accountable for the use of money. Some participants criticised the World Bank policy as it was stressing Pakistan to increase the power tariff but had ignored the review of whole structure of tariff.
The Bank was asked to force the government to reduce the line losses of power distribution companies that had reached up to 40 percent. Civil Society representatives strongly criticised the political parties that had reached consensus to abolish the local government system.
The Bank was asked to intervene as it would not help bring in any way good governance to country. They said that good governance is directly linked with socio economic improvement. They said that quality oriented research should be conducted regarding good governance in Pakistan.
One of the participant said that Security Exchange Commission of Pakistan (SECP) had no proper to appoint commissioners and therefore it was facing problems of governance. They also lauded the role of World Bank in brining reforms in banking sector of Pakistan and urged World Bank consultant to work out for the reforms in power sector of Pakistan.
http://www.brecorder.com/index.php?id=955866