WB to release US$ 500 mln for Pakistan

ISLAMABAD: The World Bank Vice President for South Asia Region Ms Annette Dixon said on Monday that the Bank would release funds to the tune of US$ 500 million for Pakistan within 24 hours.


A statement issued by the Ministry of Finance here Monday said that Ms Annette Dixon made a telephone call to Finance Minister, Senator Mohammad Ishaq Dar and felicitated him on successful completion of growth of development policy credits (DPC-2).

She said that World Bank would release US$ 500 million within twenty four hours which would to reinvigorate growth and stabilize the economy.

She also lauded the economic performance of the government and appreciated the reforms introduced by the government under leadership of Prime Minister, Nawaz Sharif.

She said the government’s economic team led by Finance Minister Ishaq Dar deserved special praise for achieving economic stability and ensuring consistency in economic policies despite a number of challenges and difficulties.

The Finance Minister thanked Ms Annett for the phone call and added that he looked forward to ever closer Pakistan-World Bank economic cooperation.

The World Bank and Pakistan have already signed the Second Fiscally Sustainable and Inclusive Growth DPC (Development Policy Credit) of five hundred million dollars to support Pakistan’s efforts to reinvigorate growth and stabilize the economy.

Pakistan’s Ambassador to the United States and Annette Dixon signed the accord in Washington, it added.