ISLAMABAD (Web Desk) – Pakistan and World Bank (WB) on Thursday signed a Financing Agreement worth five hundred million dollars, under the International Development Association’s Development Policy Credit (DPC) scheme for competitiveness and growth.

Secretary Economic Affairs Division Tariq Bajwa signed the agreement on behalf of the Pakistan Government while Acting Country Director Anthony Cholst signed for the World Bank.

Finance Minister Ishaq Dar, who witnessed the ceremony, said the government had embarked upon a program of much-needed economic structural reforms three years ago and made substantial progress in this regard. He said Pakistan’s foreign exchange reserves would cross the twenty-two billion dollar mark by the end of this month.

Anthony Cholst, in his remarks, congratulated the government of Pakistan for making significant progress in stabilizing the economy and initiating reforms for greater revenue mobilization and private sector growth.