World Bank indicates $2bn disbursement to Pakistan during FY24

World Bank country director for Pakistan Najy Benhassine met with caretaker Minister for Finance Dr Shamshad Akhtar on Saturday and indicated that "joint efforts are targeting disbursements of around US$2.0 billion during the current financial year," according to a statement issued by the Ministry of Economic Affairs.

The meeting's participants, according to the statement, "discussed and reviewed the overall performance of the World Bank's ongoing portfolio in Pakistan."

The statement further stated that several possibilities were reviewed to advance collaboration in various "priority areas further to help boost the economic activities in the country."

The finance minister reaffirmed that Pakistan values its development collaboration with the World Bank.

She commended the management of the World Bank, particularly the country team in Islamabad, for its efforts to help Pakistan's economy.

The World Bank Management is working with the Ministry of Finance, Revenue, Economic Affairs, and Privatization to improve the ongoing portfolio's implementation performance as well as to increase the amount of foreign resources disbursed, according to Najy Benhassine, who briefed the finance minister on the project.

The government's reform strategy and ongoing attempts to stabilize the economy were discussed by the finance minister.

She added that Pakistan's government is aware that enacting reforms in priority industries, particularly the energy sector, will help the country reach its full potential for economic growth.

As a result, introducing policy reforms in this industry will continue to be the government of Pakistan's main priority, she said.

"The Country Director briefed the Finance Minister on the progress under the RISE-II Development Policy Financing Program, which has recently been negotiated by the World Bank with EAD," the statement continued.

The Finance Minister also praised the World Bank for its prompt assistance during the floods of 2022.

The Finance Minister asked the Country Director to increase World Bank funding in order to better meet the country's urgent demands given the sizeable post-flood rehabilitation and reconstruction needs.