The World Bank announced that Pakistan had fulfilled all requirements for the Resilient Institution for Sustainable Economy (RISE-II) programme. Bank also mentioned that the country is now eligible to get a $450 million loan from the international lender. According to the news the World Bank’s board of directors will approve the $450 million loan in November. “Discussions are also under way whereby the Asian Infrastructure Investment Bank (AIIB) will grant approval for co-financing of $450 million, so a total of $900 million will be provided to Pakistan. All attached conditions have been fulfilled,” top officials of the Finance Ministry confirmed while talking to the reporter.
The Central Development Working Party (CDWP) of the Planning Commission approved the project. It enabled the fulfilment of a further requirement to obtain a $500 million loan from the AIIB. The AIIB is also thinking to provide an additional amount. It will give $500 million as co-financing for the ADB’s Building Resilience with Active Countercyclical Expenditure programme.
At the time when the nation is facing a dollar liquidity crisis. Pakistan is anticipating a total of $1.4 billion from the World Bank and AIIB in the coming weeks. Despite the renewal of the International Monetary Fund’s programme the foreign exchange reserves held by the State Bank of Pakistan. The regional director for infrastructure for South Asia at the World Bank, Guangzhe Chen, met with finance minister Ishaq Dar on Tuesday at the finance division, according to the report.
Najy Benhassine, the country director for the World Bank, Tariq Bajwa, Tariq Mehmood Pasha, the special assistant to the prime minister for revenue, and other top officials were present at the meeting.Dar praised the World Bank’s involvement in Pakistan’s development. He stated that Pakistan respected the financial and technical help the World Bank had offered for institutional reforms. He is also grateful for the help in the nation’s economic progress. To thank the group for their persistent contribution to the economic development of the nation, he gave them the assurance. He assured that the government will offer all the support necessary for the present World Bank projects in Pakistan.
The World Bank had placed a strong emphasis on enhancing fiscal management. To encourage growth and competitiveness under the RISE-I programme, it provided $500 million for Pakistan. To help the country improve its fiscal condition, RISE offered assistance to the government.