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World Bank approves $304m for reforms in Punjab

12:59 PM | 24 Oct, 2020
World Bank approves $304m for reforms in Punjab

ISLAMABAD – The World Bank has approved a $304 million loan for reforms in Punjab’s taxation system as provincial tax revenues are declining for the past two years, these years happened to be PTI govt first years.

The World Bank’s Board of Executive Directors approved $304 million in financing for the Punjab Resource Improvement and Digital Effectiveness Programme (PRIDE).

Cost of the tax reform project is estimated at Rs90 billion or $554 million and the remaining $250 million equivalent financings will be arranged by the provincial government.

The programme supports efficiencies in public resource management that generate savings and create fiscal space for growth generating investments in the Punjab province, said the World Bank.

The loan has been obtained for improving business process re-engineering, revision, change of rules and regulations, development of comprehensive automated systems, the introduction of e-services and institutional capacity building.

World Bank Country Director for Pakistan Najy Benhassine said The PRIDE programme is integral to the World Bank’s whole-of-country approach in helping Pakistan strengthen public financial management systems at the federal and provincial levels.

World Bank documents showed that the economic downturn was projected to increase unemployment in Punjab by 5 to 8 million, pushing many households below the poverty line. In recent years, the province has made efforts to increase its own source revenues, which come mainly from provincial taxes, to ramp up investment in development priorities.

The economic fallout from the pandemic is, however, expected to reduce the province’s own revenues, leaving it with fewer resources to finance its emergency response and sustain the already modest investment in human capital and infrastructure.

According to World Bank’s estimates, Punjab has the potential to increase its tax revenues, without imposing new taxes or raising tax rates.

World Bank documents showed that the total provincial tax collection was constantly on the decline for the last two fiscal years.

The Punjab government followed in the footsteps of the federal government that also acquired a loan of $400 million from the World Bank in the name of tax reforms.

Daily Pakistan Global Web Desk

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 28 Feb 2024

Pakistani currency remains momentum against US dollar in the open market on February 28, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar moves up and currently hovers at 282 for buying and 282.25 for selling.

Euro currently stands at 303.1 for buying and 306.1 for selling while British Pound rate stands at 351.6 for buying, and 355.1 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.25.

Today’s currency exchange rates in Pakistan - 28 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 282 282.25
Euro EUR 303.1 306.1
UK Pound Sterling GBP 351.6 355.1
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.25 75.05
Australian Dollar AUD 181.1 183.1
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207.1 209.1
China Yuan CNY 38.87 39.27
Danish Krone DKK 40.61 41
Hong Kong Dollar HKD 35.75 36.1
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.5 59.1
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.41 26.71
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207.15 209.15
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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