ISLAMABAD: The World Bank on Thursday signed various agreements with Economic Affairs Division worth $432.7 million. At least $301.6 million will be spent on development objectives of ‘Growth Development Policy Financing’ project. The objectives will be achieved through improving access to finance, fostering long-term finance and enhancing transparency of the financial sector.
Social Safety Net (BISP) has been provided $100 million under the agreements with the objective to strengthen the social safety net systems for the poor to enhance their human capital and access to complementary services.
The program will support three elements of Pakistan’s Income Support System (i) the Basic Cash Transfer Program, delivered by the Benazir Income Support Program (BISP); (ii) the Waseela-e-Taleem (WeT) program to incentivize primary school enrolment of BISP beneficiary families’ children; and (iii) facilitation support to improve BISP beneficiaries’ access to complementary services.
Tariq Mahmood Pasha, Secretary, Economic Affairs Division signed the loans and grants agreements on behalf of the Pakistan government while project agreements were signed by the representatives of Khyber Pakhtunkhwa and FATA Secretariat. Anthony Cholst, acting country director signed the agreements on behalf of the World Bank.
Speaking on the occasion, Finance Minister Ishaq Dar welcomed the agreements worth $432.7 million signed with the World Bank on Thursday, saying these would support Financial Sector, Social Protection, Community and SME Development, Livelihood &Community Infrastructure and Services.
The Finance Minister appreciated World Bank’s support for government’s endeavors to achieve sustainable and inclusive economic development of the country. He said the government has taken a number of measures in line with its 4-Es manifesto that envisioned development of Economy, Energy, Education and fight against Extremism. He particularly mentioned series of reforms undertaken by the Government to improve macroeconomic stability and putting the economy on a higher growth trajectory.
Anthony Cholst stated that the agreements would strengthen the financial sector, bring about improvement in the Income Support Program and also contribute to economic development in different areas in KP and FATA.
