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ISLAMABAD: Pakistan received $ 4.4 billion from the World Bank and Asian Development Bank (ADB) in the fiscal year 2022-23, against the budgeted estimates of $ 5.836 billion, witnessing a shortfall of $ 1.436 billion, official data of the Economic Affairs Division revealed.

The government had budgeted $ 3.202 billion from ADB for the fiscal year 2022-23, however, the country received $ 2.266 billion during the period under review.

The government had budgeted $ 1.271 billion from IBRD for 2022-23, however, the country received $ 290.06 million. Further, $ 1.363 billion from IDA for 2022-23, however, the country received $ 1.807 billion during the period under review.

The Ministry of Economic Affairs hosted an Appreciation Ceremony to acknowledge and appreciate the contributions of relevant EAD officers and the esteemed partners, the World Bank (WB) and the ADB in achieving exceptional level of disbursements during the fiscal year 2022-23.

The Federal Minister for Economic Affairs, Sardar Ayaz Sadiq, warmly welcomed the distinguished guests. The minister highlighted that the WB and ADB cumulatively greatly helped Pakistan in dealing with the adverse impacts of the devastating floods of 2022, balance of payment issues, and improving the implementation progress of the development portfolio.

“Due to joint and well-coordinated efforts of WB, ADB, and EAD, we were able to achieve disbursement of $ 4.4 billion during FY2023. Together, we have set a remarkable precedent, setting the stage for even greater achievements in the future,” said the minister.

The secretary expressed gratitude to the WB, ADB, and his highly motivated team for responding to Pakistan’s development needs and ramping up support, especially during emergency situations. This level of disbursement is attributed to the tireless efforts and rigorous follow-up by EAD and both the banks with all stakeholders to proactively address the bottlenecks.

Najy Benhassine, Country Director of the World Bank in Pakistan, and Yong Ye, the country director of ADB in Pakistan, delivered heartfelt appreciation remarks, acknowledging the relentless commitment of the team of the Ministry of Economic Affairs. They praised the unwavering dedication of the team of EAD and emphasized the harmonious partnership between the organizations and the Ministry of Economic Affairs.

The highlight of the event was the distribution of appreciation certificates by the minister to the outstanding team members of the ADB, the WB, and the Ministry of Economic Affairs.

Copyright Business Recorder, 2023

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