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World Bank country director calls on PM’s finance adviser

Hafeez Shaikh

ISLAMABAD: Country Director for the World Bank in Pakistan, Patchamuthu Illangovan along with his team on Wednesday met Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh.

Mr Illangovan apprised the finance adviser of various ongoing and upcoming projects of the World Bank for the socio-economic development of Pakistan.

The finance adviser has underscored the importance of technical and financial assistance from the World Bank to further strengthen its growth-oriented objective and developmental goals in different sectors of the Pakistan economy.

Country Director for the World Bank in Pakistan told the adviser that the World Bank was committed to helping Pakistan in furthering the pace of institutional reforms already being undertaken by the government of Pakistan in different sectors of the economy.

Furthermore, the Asian Development Bank (ADB) has also announced to provide $2.7 billion in approved financing to Pakistan during the outgoing calendar year.

The Manila-based regional bank also announced that under the recently approved Country Operations Business Plan (COBP) 2020-2022, it will increase average lending to the country to $2.4bn a year .

According to the ADB, it will leverage the country’s lending through the mobilisation of co-financing and funding from other sources, including regional concessional resources.”The new COBP will support Pakistan’s development goals and complement efforts by other development partners,” it added.

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