Pakistan Secures World Bank Nod for USD 350 Million Funding

[LRE-Azan]

Pakistan Secures World Bank Nod for USD 350 Million Funding

Islamabad: In a development reported on December 21, the World Bank (WB) has approved a USD 350 million funding package designated for budget financing in Pakistan.

According to the provided information, the World Bank Executive Directors Board unanimously supported the USD 350 million financing for the Second Resilient Institutions for Sustainable Economy (RISE-II) operation, as conveyed in a press statement released on Wednesday.

This approval, which encountered a two-year delay, is linked to weakened economic fundamentals, the absence of an International Monetary Fund (IMF) umbrella, and uncertainties surrounding upcoming elections. The Washington-based lender proceeded with the board’s endorsement only after obtaining clarity on these aspects.

Najy Benhassine, the World Bank Country Director for Pakistan, underscored the urgency of implementing fiscal and structural reforms to restore macroeconomic balance and lay the groundwork for sustainable growth. He emphasized that RISE-II builds upon earlier reforms in tax, energy, and the business climate, aiming to generate additional revenues, enhance expenditure targeting, and promote competition and investment.

The approved loans from the World Bank are directed towards improving fiscal management, enhancing regulatory frameworks for growth and competitiveness, boosting debt transparency and management, and broadening the tax base while reducing distortions in tax policy.

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