ISLAMABAD: The World Bank said yesterday it had approved a $1bn loan for Pakistan and “envisages” another $11bn package spanning five years.
The loans are meant to support Pakistan’s struggling energy sector and bolster its efforts to increase growth and investment and arrest poverty.
“The World Bank Group approved a package of assistance worth US$1bn to support Pakistan’s economic reforms on Thursday,” the bank said in a statement.
“The assistance package consists of two development policy credits (DPCs) to support the government of Pakistan’s efforts to improve the power sector, and reinvigorate growth and investment for reducing poverty and building shared prosperity,” it said.
The bank also said it was “envisaging” $11bn worth of loans under a new country partnership strategy for Pakistan over the next five years, covering fiscal years 2015 to 2019.
The government, however, said the World Bank had approved the $11bn partnership strategy to tackle its four main challenges of energy, economy, education and fighting extremism.
“The other landmark achievement of the day was the approval of country partnership strategy under which Pakistan will get $11bn in the shape of project loans and budgetary support,” it said.
ISLAMABAD: Pakistan’s Federal Ministry of Water and Power has set up a new record of recovery by collecting Rs3.02bn in the span of five days ending last Wednesday, sources in the ministry said yesterday.
The sources maintained that the dues recovery campaign would be continued since the departments concerned were suffering on account of scarcity of funds and it was also having an adverse impact on the efforts for production of power.
The extensive recovery campaign would be continued without any discrimination and for the purpose fresh notices were also being issued to more defaulters, the sources reminded.
It is for the first time that such a campaign has been launched nationwide.
The effort would essentially yield good results since the government was determined not to show leniency in the case of power theft and recovery of dues, the sources added.
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