ISLAMABAD: The World Bank has approved $500 million loan for Pakistan to support its energy sector.
According to a World Bank statement, the first operation that was approved in May last year reflected prior actions taken by the government to support the most pressing needs to stabilise the sector, while the second operation in the series works towards longer term structural reforms that are aimed at restoring the viability of the electric power sector.
“This operation will further support Pakistan’s efforts in overcoming the energy crisis. It supports government of Pakistan to implement key reforms towards an efficient and consumer-oriented electric power system,” said PatchamuthuIllangovan, World Bank’scountry director for Pakistan.
He said that the reforms were aimed at meeting the needs of Pakistan and its people, economy sustainably and affordably. The DPC-II focuses particularly on policy and institutional actions that will improve financial viability and thus reduce the burden of public financing for the sector. The programmatic operation is structured around three objectives.
