World Bank approves $825 million package for Pakistan

Government of PakistanWorld Bank approves $825 million package for Pakistan

WASHINGTON: The World Bank has approved a package of $825 million to improve the national power transmission system in Pakistan, and enhance health and education service delivery by strengthening financing management and procurement systems.

The World Bank approved $425 million National Transmission Modernization Project-1 (NTMP-1) for national transmission line and $400 million Public Financial Management (PFM) reform package for enhanced health and education service delivery, according to a press release issued in Washington.

The NTMP-1 project will modernize the national transmission system to enable new power generation to reach consumers by upgrading, expanding and rehabilitating selected 500kV and 220kV substations and transmission lines.

“With a substantial volume of new generation now coming online, the strengthening of the transmission and distribution systems is critical,” says Illango Patchamuthu, World Bank Country Director for Pakistan.

“The improved power supply will help meet the unserved demand from consumers and reduce the number and duration of power outages”.

NTMP-1 project will improve supply reliability and lower losses in the transmission network and will also modernize the information and communication technology infrastructure and strengthen financial and accounting systems of the National Transmission and Dispatch Company using information technology.

This will result in more efficient operation and business decision-making processes, higher productivity and upgraded staff skills.

The NTMP is financed by the International Bank for Reconstruction and Development, part of the World Bank Group that lends to credit-worthy low and middle income countries. It is a fixed-spread loan with a maturity of 21 years, including a grace period of 6 years.

The $400 million PFM project will help address problems caused by inefficient public financial management that contribute to Pakistan’s weak performance in health and education sector. There has been substantial increase in financial resources but it fail to reach clinics and schools in time.

PFM reform program will address these challenges through the enactment of a robust public finance management law, which will lead to decentralization of payment and empower the front-line service delivery managers, the statement said.

The program will also focus on strong cash management; timely and comprehensive reporting; improved federal-provincial coordination; timely release of funds; streamlined payroll and pension systems; efficient and transparent procurement, and user-friendly reports for citizen engagement.

“The public financial management challenges undermine the delivery of health and education services to the population”, said Illango. “The new program will support the government to strengthen their public financial management and make it more transparent and accountable by introducing new aspects like, social audit of public expenditures by beneficiaries.”

The PFM reform program is financed by the International Development Association, the World Bank’s fund for the poor, with a maturity of 25 years, including a grace period of 5 years.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Moscow says it won’t allow US to silence UNSC on Israeli violence against Palestinians Monitoring Desk: Russian envoy in United Nations Vasily Nebenzya said that the UN Security Council should bring peace, stability and prosperity to the Middle East and Russia would not allow United States to silence UNSC over the issue of Gaza crisis. According to TASS news Agency, Nebenzya said that Moscow will continue to call for an end to violence against Palestinians and will not allow the US to muzzle the UN Security Council as Washington seeks to support Israel's operation in Gaza. "We will continue to stand firmly for ending violence against the Palestinians. Without a shadow of a doubt, we will continue to expose the abuses and sanctimony with which the US is handling the situation. We will not allow the Americans to gag the entire council with their hands in an effort to encourage further continuation of Israel's ruthless operation," he said in a speech at the Security Council.

Moscow won’t allow the US to silence the UNSC on Israeli violence against Palestinians

0
Monitoring Desk: Russian envoy to the United Nations Vasily Nebenzya said that the UN Security Council should bring peace, stability, and prosperity to the...

From Valdai to Margalla Dialogue —- All roads to Civilisations go through Islamabad

0
By Shazia Anwer CheemaThe emergent realities of global security are fundamentally transforming the frame of references and trajectorial approaches toward them. New security architecture...

12 more men in uniform embraced martyrdom for the motherland in Pakistan

0
Monitoring Desk: 12 more men in uniform embraced martyrdom for the motherland in Pakistan, said Inter Service Public Relations (ISPR) of the Pakistan Army.On...
Dr. Attia Anwar

Lifelong learning

0
By Dr. Attia AnwarAs we age, our minds and mental health become more important. We should try to maintain and improve them. Education is...
12th Defense Expo 'Ideas 2024' 'Weapons for Peace' a major step in defense diplomacy

12th Defense Expo ‘Ideas 2024’ ‘Weapons for Peace’ a major step in defense diplomacy

0
By Asghar Ali MubarakIdeas 2024, the global exhibition of defense equipment, will begin today at the Karachi Expo Center on November 19, in which...
Advertisement