21 °C Prince George's County, US
February 28, 2021

Pakistan Can Avail $2 Billion WB Funding Facility After Three Years Gap

Islamabad – Pakistan has again qualified to avail $2 billion development funding facility from the World Bank, three years after it was suspended for not meeting required macro-economic stability standards.

The funding by the International Bank for Reconstruction and Development (IBRD) will be available during 2015-2019, according to a government announcement made after a meeting between Finance Minister Ishaq Dar and the World Bank Country Director Rachid Benmessaoud in Islamabad on Feb. 25.

The facility has been restored as Pakistan is now maintaining foreign exchange reserves of more than 2.5 months of projected imports and has met benchmarks set by the World Bank for becoming eligible for the facility. The facility was suspended in March, 2012.

Pakistan’s foreign reserves stood at around $16 billion as of Feb. 11, from $2.4 billion a year ago, according to the statement.

Benmessaoud lauded improvement in economic indicators including growth in revenue and GDP as well as cut in budget deficit and improving forex reserves.

The IBRD facility will be utilized for infrastructure projects.

 

Related articles

Pakistan Plans to Sell FESCO Power Company In March, 2016

Pakistan’s Privatization Commission plans to sell the first of its nine power companies, Faisalabad Electric Co. Ltd (FESCO) , with management control to the private sector by March next year, government officials said. Led by the Chairman Privatization Commission, Mohammad Zubair, a team of the commission gave a detailed presentation on Pakistan’s plan to privatize […]

Lowest Inflation in 12 Years Gives Pakistan Room For Rate Cut

Islamabad – Pakistan’s inflation increased at the lowest pace in 12 years in April, raising prospects for cut in key discount rate, as the country reaps benefit from the decline in the global oil prices over the past year. The consumer price index (CPI) rose 2.1 percent year-on-year in April as compared to 2.5 percent […]