ANL 32.89 Increased By ▲ 1.42 (4.51%)
ASC 14.30 Increased By ▲ 0.20 (1.42%)
ASL 25.33 Increased By ▲ 1.53 (6.43%)
AVN 95.45 Increased By ▲ 0.70 (0.74%)
BOP 9.15 Increased By ▲ 0.01 (0.11%)
BYCO 9.93 Increased By ▲ 0.15 (1.53%)
DGKC 135.25 Increased By ▲ 0.45 (0.33%)
EPCL 51.07 Decreased By ▼ -1.18 (-2.26%)
FCCL 24.65 Decreased By ▼ -0.25 (-1%)
FFBL 24.48 Decreased By ▼ -0.32 (-1.29%)
FFL 15.36 Increased By ▲ 0.16 (1.05%)
HASCOL 10.74 Decreased By ▼ -0.01 (-0.09%)
HUBC 86.20 Increased By ▲ 1.40 (1.65%)
HUMNL 7.14 Increased By ▲ 0.14 (2%)
JSCL 26.57 Increased By ▲ 1.63 (6.54%)
KAPCO 39.25 Increased By ▲ 1.85 (4.95%)
KEL 4.11 Increased By ▲ 0.03 (0.74%)
LOTCHEM 14.80 Increased By ▲ 0.35 (2.42%)
MLCF 46.75 Decreased By ▼ -0.20 (-0.43%)
PAEL 37.25 Increased By ▲ 0.06 (0.16%)
PIBTL 11.82 Increased By ▲ 0.14 (1.2%)
POWER 10.45 Increased By ▲ 0.23 (2.25%)
PPL 91.05 Increased By ▲ 0.40 (0.44%)
PRL 25.60 Increased By ▲ 0.30 (1.19%)
PTC 8.85 Increased By ▲ 0.10 (1.14%)
SILK 1.41 No Change ▼ 0.00 (0%)
SNGP 41.07 Increased By ▲ 2.57 (6.68%)
TRG 147.78 Increased By ▲ 6.18 (4.36%)
UNITY 30.10 Increased By ▲ 0.35 (1.18%)
WTL 1.54 No Change ▼ 0.00 (0%)
BR100 4,974 Increased By ▲ 61.34 (1.25%)
BR30 25,769 Increased By ▲ 436.83 (1.72%)
KSE100 45,922 Increased By ▲ 328.12 (0.72%)
KSE30 19,210 Increased By ▲ 153.72 (0.81%)
Business & Finance

Pakistan, WB sign $304mn loan agreement for PRIDE

  • The program aims to help the Government of Punjab to increase its own source revenue; and to improve reliability of resource allocation and access to digital services for people and firms in the Province.
17 Dec 2020

Pakistan and World Bank (WB) has reached a loan agreement worth $304 million, which will be utilized for the Punjab Resource Improvement and Digital Effectiveness Program (PRIDE).

Minister for Economic Affairs, Makhdum Khusro Bakhtyar witnessed the signing ceremony of loan agreement of PRIDE worth $ 304mn with the World Bank.

The program aims to help the Government of Punjab to increase its own source revenue; and to improve reliability of resource allocation and access to digital services for people and firms in the Province.

The program interventions would primarily address three challenging areas of fiscal risk management, revenue mobilization and expenditure management through better use of information systems. Improved Public Resources Management is expected to create additional fiscal space of PKR 274 billion by end of financial year 2025 thereby creating enough space for Government of Punjab to scale-up its spending on public service and infrastructure to foster rapid growth in the Province.

Mr. Noor Ahmed, Secretary, Ministry of Economic Affairs signed the loan agreement on behalf of the Government of Pakistan while the representative of Government of Punjab signed the operational agreement. Mr. Najy Benhassine, Country Director, World Bank signed the program agreements on behalf of the World Bank.

On the occasion, the Minister for Economic Affairs reiterated commitment of his government to improve fiscal management by augmentation of domestic revenues and to enhance spending on pro-people development initiatives.

The Minister lauded strategy of the Punjab Government in this respect.