The World Bank approved $ 1 billion dollar loan for Pakistan and indicated approval of another $11 billion package for next five years. The loans are being given as a support for Pakistan’s struggling energy sector and strengthen its growth and investment while reducing the poverty at the same time. The World Bank in its official statement said that “$ 1 billion dollar support is approved for Pakistan for implementing its economic reforms”.
The assistance package has two development policy credits (DPCs) for supporting the efforts of Government of Pakistan for improvement in power and energy sectors and investing for poverty reduction. The World Bank is also consider $11 billion dollar support for strengthening Pakistan’s economy over the next five year over the next five years from fiscal years 2015 to 2019. The Government of Pakistan, however, announced the approval of World Bank’s funding for tackling issues related to energy, economy, and education and also for fighting extremism.
The minister of finance congratulated the whole nation on this success and commented that this country partnership strategy with World Bank will help face and tackle the development challenges related to Energy, Economy, Extremism and Education. He also said the present government deserves to be appreciated for working successfully for stabilizing the economy, implementing reforms related to power sector, revenue mobilization and supporting private sector.