World Bank approves $600mn to support economic recovery in Pakistan

ISLAMABAD – The World Bank’s Board of Executive Directors approved a $600 million credit from the International Development Association (IDA) for the Crisis-Resilient Social Protection Program (CRISP).

Najy Benhassine, World Bank Country Director for Pakistan, said the program will support the south asian country in expanding Ehsaas, the national poverty alleviation program, to protect vulnerable households and increase resilience to economic shocks amid the COVID-19 pandemic.

The decision was aimed to help millions of families across Pakistan who face hardships particularly those working in the informal sector, who have no savings or are not covered by existing social safety net programs, the statement further added.

This investment supports Ehsaas program in developing an adaptive social system that is more efficient and offers a new model for crisis-response and increasing household resilience to future shocks.