Pak engages World Bank for $2bn disbursement this year

September 11, 2023

According to a press release issued today, the World Bank and the Ministry of Finance, Revenue, Economic Affairs, and Privatization are aiming for disbursements of approximately $2 billion in the current financial year (FY24). Najy Binhassine, the Country Director of the World Bank, made this statement.

The Country Director of the World Bank met with Dr. Shamshad Akhtar, the Minister for Finance, Revenue, Economic Affairs, and Privatization. During the meeting, they conducted a comprehensive review of the World Bank’s ongoing projects in Pakistan and explored various avenues for expanding collaboration in priority areas to stimulate economic activity in the country.

Dr. Shamshad Akhtar expressed Pakistan’s appreciation for its development partnership with the World Bank and commended the efforts of the World Bank management, particularly the country team in Islamabad, in contributing to Pakistan’s economic development.

Najy Binhassine, while providing an update on the ongoing projects, mentioned that the World Bank, in conjunction with the Ministry of Finance, Revenue, Economic Affairs, and Privatization, is actively working to enhance the implementation of ongoing projects and increase the disbursement of foreign resources.

The Finance Minister outlined the government’s reform agenda and its ongoing efforts to stabilize the economy. She emphasized that the government recognizes the importance of implementing reforms, particularly in the energy sector, to unlock Pakistan’s growth potential. Consequently, policy reforms in the energy sector will remain a top priority for the government.

The Country Director also briefed the Finance Minister on the progress of the RISE-II Development Policy Financing Program, which the World Bank recently negotiated with the Economic Affairs Division (EAD).