Tag: World Bank
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World Bank ranks Pakistan in fourth quintile for challenging business environment
The World Bank has placed Pakistan in the fourth quintile of economies owing to a challenging business environment caused by weak regulatory frameworks and limited public services, which hinder business operational efficiency.
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SBP to introduce digital currency in Pakistan with technical support from IMF, World Bank
In a media briefing held today in Karachi, Deputy Governor of the State Bank of Pakistan (SBP), Salimullah, announced that the central bank is currently evaluating the introduction of a digital currency. This project is being pursued with technical support from the World Bank, in collaboration with the International Monetary Fund (IMF). Salimullah highlighted that…
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World Bank, Asian Development Bank approve millions of dollar loans for Pakistan
The World Bank and Asian Development Bank (ADB) have approved big loans for Pakistan. Asian Development Bank Pakistan and the Asian Development Bank signed a $250 million policy-based loan agreement to promote sustainable infrastructure and services through Public-Private Partnerships (PPPs). The agreement also aims to develop post-flood infrastructure, emphasizing climate resilience and gender considerations in…
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CDWP gives go-ahead to 10 development projects valued at Rs115 billion
In a key meeting held on Friday, the Central Development Working Party (CDWP) approved a total of 10 development projects, with an overall cost of Rs115.458 billion.
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Finance Minister Aurangzeb meets Donald Lu in Washington DC
Finance Minister Muhammad Aurangzeb held a high-level meeting with the United States State Department Assistant Secretary Donald Lu at World Bank headquarters in Washington to discuss financial reforms that Pakistan is planning to implement. The meeting was held in the background of the Finance Minister’s visit to Washington in order to finalize talks about the…
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Pakistan’s poverty rates may remain elevated: World Bank report
The World Bank’s latest Pakistan Development Update has shed light on the country’s ongoing battle with poverty.
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World Bank approves $149.7 million financing for key projects in Pakistan
The World Bank’s Board of Executive Directors has greenlit a significant sum of $149.7 million in financing for Pakistan, marking a milestone in bolstering the nation’s development efforts. The approval, granted on Friday, will allocate funds to support two vital projects aimed at enhancing the country’s infrastructure and digital landscape. According to a press statement…
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World Bank greenlights $350 million for Pakistan’s fiscal reforms
World Bank gave its approval on Wednesday for a financing package of $350 million to support Pakistan’s fiscal and competitiveness reforms.
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Pakistan plans to secure $4.5 billion from diverse sources in current fiscal year
Caretaker Minister for Finance, Dr Shamshad Akhtar, has outlined Pakistan’s financial projections for the current fiscal year (2023–24), highlighting an anticipated mobilisation of approximately $4.5 billion from both multilateral and bilateral sources, excluding the International Monetary Fund (IMF).
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Govt plans to increase gas and electricity prices in January
The interim Finance Minister, Dr Shamshad Akhtar, announced during a press conference that the caretaker government is planning to increase electricity and gas tariffs in January to address the circular debt issue, in line with the International Monetary Fund’s (IMF) Stand-By Arrangement (SBA).