The World Bank has disbursed a record $2.25 billion to Pakistan during the financial year 2023-24, including a significant $350 million policy loan. This historic disbursement reflects substantial improvements in project implementation and critical outcomes achieved on the ground.
Key Highlights:
- Record Disbursement: The total amount released by the World Bank to Pakistan reached a historic high of $2.25 billion.
- Policy Loan: Included in this amount is a $350 million policy loan under the Resilient Institutions for Sustainable Economy (RISE-II) Development Policy Financing.
- Recognition of Leadership: The World Bank’s Country Director for Pakistan, Najy Benhassine, acknowledged the leadership and efforts of Federal Minister for Economic Affairs Ahad Cheema and Federal Secretary Kazim Niaz. Their personal assistance and leadership were pivotal in achieving the record disbursement.
- Collaboration with Provincial Governments: Benhassine also commended the support and leadership of the federal and provincial ministries and departments, as well as the provincial governments, for their strong contributions to the successful implementation of World Bank-supported projects.
Official Communication:
In an official message sent to Ahad Cheema and senior officials of the ministry, Najy Benhassine expressed appreciation for the collaborative efforts that ensured significant improvements in project implementation. The message highlighted the following:
- Significant Improvement: The leadership and efforts of Ahad Cheema, Kazim Niaz, and their team were instrumental in achieving substantial progress in the implementation of World Bank-supported projects.
- Strong Provincial Support: The leadership of provincial governments and departments played a crucial role in reaching the impressive disbursement figures.
Impact on Pakistan:
The record disbursement by the World Bank signifies a robust partnership and trust in Pakistan’s economic policies and project execution capabilities. It is expected to bolster Pakistan’s economic stability and support sustainable development initiatives across various sectors.
Conclusion:
The World Bank’s unprecedented financial support to Pakistan in FY 2023-24 underscores the effectiveness of collaborative efforts between the federal and provincial governments and international financial institutions. This milestone reflects Pakistan’s commitment to achieving significant economic and developmental outcomes through strategic partnerships and effective project implementation.
