Islamabad: The World Bank (WB) has given the green light to a USD 350 million package earmarked for Pakistan’s budget financing, as reported by a news source on December 21.
According to the details, the World Bank Executive Directors Board unanimously endorsed the USD 350 million financing for the Second Resilient Institutions for Sustainable Economy (RISE-II) operation, as per a press statement released on Wednesday.
This approval, which faced a two-year delay, is attributed to weakened economic fundamentals, the absence of an International Monetary Fund (IMF) umbrella, and uncertainties surrounding upcoming elections. The Washington-based lender proceeded with the board’s approval only after obtaining clarity on these aspects.
The World Bank Country Director for Pakistan Najy Benhassine emphasised the urgency of implementing fiscal and structural reforms to restore macroeconomic balance and lay the groundwork for sustainable growth. He highlighted that RISE-II builds upon earlier reforms in tax, energy, and business climate, aiming to generate additional revenues, enhance expenditure targeting, and promote competition and investment.
The World Bank’s approved loans are geared towards improving fiscal management, regulatory frameworks promoting growth and competitiveness, debt transparency and management enhancement, and broadening the tax base while reducing distortions in tax policy.
As a graduate in English Literature, Zohaib believes that words are not just a mere figment of imagination. It takes wisdom to be good at them. Following this reason, he is pursuing his career as Public Relations and Content Specialist at Zameen.com.
