ISLAMABAD: The Ministry of Planning, Development & Special Initiatives of Pakistan has issued a statement that the World Bank loan amounting to US$400 million for flood relief is not in jeopardy and that pledges made by donors exceed the requirement.
The PDSI has clarified that as per the financing agreement agreed in the 4RF (Rehabilitation and Reconstruction Framework), the external financing required is US$8.15 billion for three years. Against that requirement, the Government of Pakistan has successfully obtained pledges worth US$10.9 billion, which is US$2.70 billion in excess of the requirement.
The PDSI has so far approved 13 projects from CDWP/ ECNEC worth US$3 billion, which is way ahead of the yearly target. Moreover, project identification against committed projects commitments by the donors is complete.
The PDSI is committed to the timely and effective implementation of the 4RF to ensure that the flood-affected people are rehabilitated and reconstructed as early as possible.
The PDSI has also established a robust mechanism for implementation and monitoring of the 4RF. There is a high-level Policy & Strategy Committee headed by the Planning Minister and a Federal Steering Committee headed by the Planning Secretary to oversee the implementation of projects in the affected provinces.
Besides, there is a Federal Rehabilitation & Reconstruction Unit which is responsible for overall coordination with the stakeholders. A similar mechanism is replicated in the provinces to oversee the progress and report to the Apex body for intervention.
A dashboard has also been prepared for the flood related projects in collaboration with the Asian Development Bank that will be functional by the end of this month and will provide real-time information on the progress/implementation of the projects. It will ensure transparency by making physical and financial progress accessible to all stakeholders.
The PDSI is grateful for the support of the World Bank and other development partners in helping Pakistan to recover from the devastating floods of 2023.
Copyright Business Recorder, 2023