ISLAMABAD – The World Bank on Thursday rejected media reports claiming a delay in approving loan for Pakistan as "unfounded" and "baseless."
In a series of tweets, WB Country Director for Pakistan Najy Benhassine said: “The press reports that refer to a World Bank decision to delay approval of potential Bank operations in Pakistan are unfounded”.
“The tentative Board approval dates of all of our proposed operations, as well as their amounts, are indicative, and the World Bank decides on the timing for sharing project proposals for Board consideration following due process and based on the proposed projects’ readiness,” he clarified.
(2/2) …the World Bank decides on the timing for sharing project proposals for Board consideration following due process and based on the proposed projects’ readiness.— Najy Benhassine (@WBPakistanCD) January 19, 2023
Earlier, reported emerged that the World Bank has halted the release of two loans worth $1.1 billion to Pakistan until the next fiscal year 2-23-24.
Reports said the Washington-based lender has delayed the approval of the second Resilient Institutions for Sustainable Economy (RISE-II) loan worth $450 million and the second Programme for Affordable Energy (PACE-II) worth $600 million.
A World Bank official told local media that the board discussion of the RISE-II project will be held in next fiscal year which starts on July 1, 2023 and ends on June 30, 2024.
The approval of the loans was pending since June last reportedly due to circular debt in energy sector and tariff revision. The global lander has also opposed imposition of “flood levy” on imports.
Shehbaz Sharif-led federal government has been making efforts to secure financing from friendly states and loan tranche from the International Monetary Fund (IMF) which has been pending since September last, as the foreign reserves has dropped to $4 billion dollars.
Pakistani rupee continue to witness further losses against US dollar in the open market on despite positive economic indicators and massive surge in Stock Market.
On Tuesday, the dollar was being quoted at 285.1 for selling and 288.15 for buying purposes for customers.
Euro price moves down by Rs2 to 312 for buying and 315 for selling. British Pound rate stands at 358.5 for buying, and 362 for selling after increase.
UAE Dirham AED stands at 78 whereas the Saudi Riyal also witnessed fall and new price stands at 76.25.
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.24||36.59|
|New Zealand Dollar||NZD||173.44||175.44|
KARACHI – Gold continues to move upward in local market amid surge in international rates.
On Tuesday, the single tola of 24 Karat gold was available at Rs217,600, and the price for 10-gram gold saw increase of Rs943 to reach Rs186,557.
Globally, yellow metal went up by $12 to settle at $2,015 per ounce.
Last week, per tola gold price increased by Rs800 per tola, and it hovers around two month high.
|Lahore||PKR 217,600||PKR 2,600|
|Karachi||PKR 217,600||PKR 2,600|
|Islamabad||PKR 217,600||PKR 2,600|
|Peshawar||PKR 217,600||PKR 2,600|
|Quetta||PKR 217,600||PKR 2,600|
|Sialkot||PKR 217,600||PKR 2,600|
|Attock||PKR 217,600||PKR 2,600|
|Gujranwala||PKR 217,600||PKR 2,600|
|Jehlum||PKR 217,600||PKR 2,600|
|Multan||PKR 217,600||PKR 2,600|
|Bahawalpur||PKR 217,600||PKR 2,600|
|Gujrat||PKR 217,600||PKR 2,600|
|Nawabshah||PKR 217,600||PKR 2,600|
|Chakwal||PKR 217,600||PKR 2,600|
|Hyderabad||PKR 217,600||PKR 2,600|
|Nowshehra||PKR 217,600||PKR 2,600|
|Sargodha||PKR 217,600||PKR 2,600|
|Faisalabad||PKR 217,600||PKR 2,600|
|Mirpur||PKR 217,600||PKR 2,600|