World Bank powers Pakistan with $350 million for Sustainable Economy Operation
KARACHI – World Bank on Wednesday approved $350 million funding to support Pakistan in fiscal and competitiveness reforms.
The multilateral organization approved $350 million in financing for Second Resilient Institutions for Sustainable Economy (RISE-II) Operation to further strengthen fiscal management and promote competitiveness for sustained and inclusive economic growth.
In a statement, World Bank Country Director for Pakistan Najy Benhassine said, the South Asian nation is in need to make urgent fiscal and structural reforms for restoration of macroeconomic balance and lay the foundations for sustainable growth.
Benhassine was of view that RISE-II completes a first phase of tax, energy, and business climate reforms geared to raising additional revenues, improving the targeting of expenditures, and stimulating competition and investment.
The funding will help Pakistan to improve fiscal policy coordination, financial viability of the power sector, and enhancing debt transparency and management, besides strengthening the taxation of property.
World Bank officials maintained that crisis hit Pakistan has prospect to deal with long-standing structural distortions in its economy after the upcoming elections, that are slated for Feb 2024.
It also warned that failing to use opportunity would risk plunging the country back into stop-and-go economic cycles.
World Bank launches ‘Reforms for a Brighter Future’ in Pakistan
