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Print Print 2022-10-09

Emergency operations in flood-hit areas: World Bank says allocating $2bn from existing financed projects

  • Country Director WB informs Finance Minister Ishaq Dar that around $1.5 billion would be mobilized this year due to the emergency situation
Published October 9, 2022 Updated October 10, 2022

ISLAMABAD: Finance Minister Ishaq Dar, Saturday, briefed the World Bank (WB) about the economic challenges being faced by the country, as well as the devastations caused by the recent floods.

The finance minister held a meeting with Najy Benhassine, Country Director, World Bank and his team and stated that the present government is cognizant of these issues and is taking pragmatic steps to resolve bottlenecks to growth.

The present government is committed to set the economy on a sustainable and inclusive growth path.

The country director of the WB briefed the finance minister about the existing programs and future cooperation of the Bank for Pakistan and stated it is allocating $2 billion in funds from existing financed projects for emergency operations in flood-affected areas to support Pakistan. He further informed that around $ 1.5 billion in funds would be mobilized this year due to an emergency situation.

Growth to slow to around 2pc: World Bank

Dar appreciated the WB for being a source of support in pursuing reform agenda and implementing various development projects for the country, adding that Pakistan values the financial and technical support provided by the WB for the institutional reforms and economic development of the country.

Dar assured the WB country director and his team of meeting prior actions for the timely completion of programmes and thanked them for their continuous support and facilitation.

Copyright Business Recorder, 2022

Comments

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Sohail Hussain Oct 10, 2022 08:08am
Please treat these comments as a suggestion to our Hon'ble finance minister and Governor State Bank of Pakistan. This relates to his recent statement in relation to release import consignments upto USD 50 Thousand. The ban in May 2022 imposed on import of goods come under Customs HS codes 84/85, which relates to the back bone of the economy as these essential import goods come under Customs HS codes 84/85 related to industrial and/or manufacturing sectors of Pakistan. However, if we see the unlimited items or goods, which are fallen under other various HS Codes are even related to non-essential commodities are being paid of constantly despite all challenges in hands. The commercial banks some how or the other managing payments of these imports (other than HS codes 84/85) against their forex inflows on account of exports and other commercial and private remittances. Am sure, if we took the same approach for these essential imports of HS codes 84/85 then the situation in hands might be that deteriorated including foreign exchange rates. Am not an economist or expert on the subject but a banker with 30 years of experience dealing with forex transactions especially attached with international trade. Hence, this may be taken as a suggestion and ignore if it is of no use. Thanks,
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