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WB to provide $1.4 billion to Pakistan

The World Bank has pledged to provide $ 1.4 billion support for Pakistan in the current year which can be front-loaded to fast track investment projects and budgetary lending. The amount includes $ 600 million for investment portfolio and $ 800 million for budget support as macroeconomic stabilization program moves forward. The offer, first made by World Bank President Robert Zoellick at a meeting with President Asif Ali Zardari last month in New York, was reiterated Saturday as Pakistan’s Adviser on Finance met with the Bank’s Managing Director Ms. Ngozi Okonjo-Iweala. 

 

Tareen and his team of top economic mangers had also discussed development cooperation with WB Vice President on Friday.

 

Meanwhile, Department for International Development has doubled its economic assistance for Pakistan to UK pound 586 million. Minouche Shafik, Permanent Secretary of DFID told the Pakistani delegation that the Department plans to expand its development work to federally administered tribal areas and Balochistan.

 

The Advisor to Prime Minister also had productive meetings with German Minister for Economic Cooperation and Development Ms Wieczorek-Zeul,  United States Undersecretary of State for Economic, Energy and Agricultural Affairs, Reuben Jeffrey and Assistant Secretary of State for Economic, Energy and Business Affairs Daniel Sullivan.

 

The German Minister vowed to provide support for social safety nets and also offered debt swap for HIV AIDS and Malaria Global Fund.

 

The U.S. officials reaffirmed Washington’s continued support for Pakistan’s economic development. Tareen also discussed bilateral cooperation with Afghan Finance Minister Anwar ul Haq Ahady.

 

Shaukat Tareen briefed his interlocutors about the current economic challenges and blow impact of the war on terrorism that Pakistan being the front line state has to face on its economy. He spoke of the tough and difficult measures that have been taken by the elected government. He also expanded on Pakistan’s program to deal with these challenges including social safety nets for targeted subsidies.

 

The Finance Adviser urged donors’ support for Pakistan’s efforts to pull itself out of the current difficult phase. He also highlighted the impact of global financial crisis on developing countries, particularly on those intending to access capital market but cannot do so because of liquidity crunch.

 

The World Bank, DFID, U.S. and German officials appreciated the courageous measures taken by Pakistan to correct the macroeconomic imbalances and reaffirmed their commitment to support the country in meeting its economic challenges and establishing safety nets for the poor.

 

The Pakistani delegation including Governor State Bank Dr.  Shamshad Akhtar, Finance Secretary Dr. Waqar Masood, Secretary Economic Affairs Division Farrukh Qayyum and Economic Minister at the Pakistani embassy in Washington Wajid Rana also participated in a number of events including the WB-IMF Constituency Meeting, SAARC Finance Governors Meeting and the International Monetary and Finance Committee meeting.

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دسته‌بندی شده در: Middle East, pakistan,

3 Responses

  1. […] WB to provide $1.4 billion to Pakistan Posted on October 15, 2008 by lorna.ir The World Bank has pledged to provide $ 1.4 billion support for Pakistan in the current year which can be front-loaded to fast track investment projects and budgetary lending. The amount includes $ 600 million for investment portfolio and $ 800 million for budget support as macroeconomic stabilization program moves forward. The offer, first made by World Bank President Robert Zoellick at a meeting with President Asif Ali Zardari last month in New York, was reiterated Saturday as Pakistan’s Adviser on Finance met with the Bank’s Managing Director Ms. Ngozi Okonjo-Iweala. Read more » […]

  2. […] WB to provide $1.4 billion to Pakistan Posted on October 15, 2008 by lorna.ir The World Bank has pledged to provide $ 1.4 billion support for Pakistan in the current year which can be front-loaded to fast track investment projects and budgetary lending. The amount includes $ 600 million for investment portfolio and $ 800 million for budget support as macroeconomic stabilization program moves forward. The offer, first made by World Bank President Robert Zoellick at a meeting with President Asif Ali Zardari last month in New York, was reiterated Saturday as Pakistan’s Adviser on Finance met with the Bank’s Managing Director Ms. Ngozi Okonjo-Iweala. Read more » […]

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