World Bank to provide $10 billion to Pakistan for development projects: Dar

BusinessWorld Bank to provide $10 billion to Pakistan for development projects: Dar

World Bank to provide $10 billion to Pakistan for development projects: Dar

WASHINGTON: The federal minister for finance Ishaq Dar has said the World Bank will provide $10 billion to Pakistan for development projects in next five years.

   

The minister was speaking at the US Institute of Peace at the start of his visit to Washington, during which he is scheduled to hold Economic Dialogue with the United Sates officials and participate in IMF-World Bank annual spring meetings.

Dar said that in a matter of eight months Pakistan has seen a 17 percent jump in revenues, 11 percent increase in foreign remittances, 6.2 percent increase in exports and rise in GDP growth to four percent. He added that at the same time, the government has also maintained the fiscal deficit below target.

All this has been possible due to critical economic reforms the government introduced at the cost political popularity within the first few months of its inception, he said.

The finance minister said that Pakistan could now access $1.7 billion in World Bank’s International Development Association for development projects. He also indicated that the World Bank would extend around $10.2 billion for development projects in next five years.

In addition, he said that combined with foreign investment inflows, future privatization, rise in exports and consistent policies, job creation through development work and upsurge in economic activity in services, industrial and agricultural sectors, Pakistan would be able to move forward on a robust growth track.

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