WB approves $397 million loan for Pakistan


ISLAMABAD:

The World Bank (WB) on Wednesday approved a budgetary support loan of $397 million for Pakistan, financing schemes on clean energy.

Lauding the release of the loan, Federal Minister for Economic Affairs Omar Ayub said that the WB’s provision of money was commendable, adding that the loan was a testament to the government’s economic reform efforts.

“It is clear that WB and the international community was recognising Pakistan’s economic reforms,” he added.

Read World Bank to continue support for Pakistan

The minister said that Pakistan has completed six steps to reduce the revolving credit, adding that in order to reduce the credit, the cost of power generation has been reduced along with improvements in the energy mix.

He claimed that the money provided by the WB will also help strengthen the rupee.




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