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world bank

Pakistan, World Bank sign $1.15 billion agreements for two power projects

ISLAMABAD: The World Bank will provide $1.15 billion concessional financing for the two projects to support hydropower and renewable energy development in Khyber Pakhtunkhwa, and transmission of power from Dasu Hydropower Project. Prime Minister Imran Khan witnessed the signing ceremony

Saudi Arabia hosts G20 talks on virus recovery, debt relief

RIYADH: G20 finance ministers and central bankers are set to hold talks on Wednesday aimed at spurring global recovery from a coronavirus-triggered recession and considering a proposal to extend debt relief for crisis-hit countries. The virtual talks, hosted by current

World Bank approves $12 billion for COVID-19 vaccines

WASHINGTON: The World Bank has approved $12 billion for developing countries to finance the purchase and distribution of COVID-19 vaccines, tests and treatment. The financing aims to support vaccination of up to a billion people, the bank said in a

WB predicts Pakistan’s economic growth rate at 0.5%

ISLAMABAD: World Bank has predicted Pakistan’s economic growth rate at 0.5 percent, much below government expectations. In its report on South Asia, World Bank has stated that Pakistan is projected to fare the worst, with poverty rising due to the

Extreme poverty to rise for the first time in two decades: World Bank

WASHINGTON: The World Bank has warned that extreme poverty is set to rise this year for the first time in more than two decades, compounding by the coronavirus, conflict and climate change. The pandemic coronavirus is expected to push up

Economic Affairs minister reviews World Bank-funded projects

ISLAMABAD: Minister for Economic Affairs Makhdum Khusro Bakhtiar chaired a high-level Portfolio Review Meeting of World Bank-funded projects in Pakistan. The meeting was attended by Deputy Chairman Planning Commission, Country Director World Bank, and relevant federal and provincial senior officials.

World Bank director, federal minister discuss educational projects

ISLAMABAD: Federal Education Minister Shafqat Mahmood held a meeting with the World Bank’s new Country Director to Pakistan Mr Najy Benhassine on Monday in Islamabad. Education Minister Shafqat Mahmood said distance-learning program in present circumstances due to COVID-19 is the

COVID-19 could plunge 100 million into extreme poverty: World Bank

WASHINGTON: World Bank President David Malpass has warned that the coronavirus pandemic may have driven as many as 100 million people into extreme poverty. The global lender previously estimated that 60 million people would fall into extreme poverty due to

World Bank director appreciates govt’s response during COVID-19 pandemic

ISLAMABAD: Advisor to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh held an introductory meeting with the newly appointed Country Director of the World Bank in Pakistan Mr Najy Benhassine. Dr Shaikh welcomed the Country Director and

World Bank announces new Country Director for Pakistan

ISLAMABAD: The World Bank has announced the appointment of Mr Najy Benhassine as new Country Director for Pakistan. “Mr. Najy Benhassine is the World Bank’s new Country Director for Pakistan effective August 1,” said WB press statement issued here. He

World Bank country director pays farewell call to PM

ISLAMABAD: Outgoing Country Director of World Bank in Pakistan Patchamuthu Illangovan paid a farewell call on Prime Minister Imran Khan. He thanked the prime minister for his support during his stay in Pakistan. He recognized Pakistan’s efforts towards economic stabilisation

Pakistan receives $505.5 million from World Bank: SBP

KARACHI: The State Bank of Pakistan (SBP) has received $505.5 million financial assistance from the World Bank, the central bank announced on Tuesday. Last month, the SBP had received one billion dollars – $500 million each from the World Bank

Govt signs $750 million agreements with World Bank, AIIB

ISLAMABAD: The government has signed two financing agreements valuing $750 million with the World Bank (WB) and the Asian Infrastructure Development Bank (AIIB). The World Bank will extend financing of $500 million and Chinese-headquartered AIIB will provide co-financing of $250

AIIB approves $250 million loan to mitigate COVID-19 impact

BEIJING: The Asian Infrastructure Investment Bank’s (AIIB) has approved a loan of $250 million to help strengthen Pakistan’s response against social and economic fallout from the COVID-19 pandemic. The development policy is co-financed with the World Bank and will help

Pakistan receives $500 million each from World Bank, ADB

KARACHI: Pakistan has received $1 billion in fresh loans from two international financial institutions for overcoming the shortfall in budgeted expenditures and fight the coronavirus pandemic. “State Bank of Pakistan (SBP) has received $1 billion today – $500 million each

World Bank approves $236 million grant for Pakistan

ISLAMABAD: The World Bank has approved a $236 million grant for Pakistan as part of efforts to enhance learning and healthcare and address the threat of COVID-19. The Board of Executive Directors of the World Bank has approved the grant

Pakistan’s economy expected to contract 0.2% in FY21: World Bank

KARACHI: The economy of Pakistan is expected to contract 2.6 percent in the fiscal year 2019-20 and 0.2 percent during 2020-21, according to a new World Bank report. According to the Global Economic Prospects report, GDP in South Asia is

World Bank warns coronavirus pandemic risks drastic rise in poverty

WASHINGTON: The World Bank has warned that the coronavirus pandemic has resulted in the most widespread global economic crisis since 1870 which could lead to a dramatic rise in poverty levels around the globe. The organization has warned that as

World Bank to provide $188 million for climate resilience initiatives

ISLAMABAD: The World Bank has agreed to join hands with Pakistan to support the latter’s disaster resilience and ecosystem restoration initiatives. Ministry of Climate Change media focal person Muhammad Saleem said the financial assistance will provide reliable and timely weather

World Bank approves $500mn loan for Pakistan

ISLAMABAD: World Bank approved a $500 million loan program to boost Pakistan’s emergency response amid the coronavirus pandemic and protect human capital investments in the country. The program would help the country improve access to quality healthcare and education, support

Pakistan to receive $371m loan from World Bank

ISLAMABAD: Pakistan and the World Bank signed two agreements of $ 371 million to support projects in the agriculture and social sector.  World Bank’s country director Patchamuthu Illangovan signed the agreements on behalf of his organisation. The agreements were signed

World Bank to launch $145 million COVID-19 response projects in Sindh

KARACHI: The World Bank and the Sindh government have agreed to launch a COVID-19 response programme and a locust control project in the province worth $145 million. This decision was taken during a meeting through video link between Sindh Chief

The Great Lockdown

It is being now referred to as the ‘Great Lockdown’ as the economic situation could be similar to the ‘Great Depression’ over ninety years ago. The IMF and the World Bank have now forecast the worst recession for countries around

Pakistan is in recession

The IMF has already warned that the world is in the midst of a global recession amid the coronavirus pandemic. The World Bank has now released a gloomy report stating that South Asia, one of the most densely-populated region with

World Bank signs agreement to provide $200mn for COVID-19 response

ISLAMABAD: World Bank has signed a financing agreement worth $200 million with government of Pakistan for Covid-19 pandemic response. The project titled ‘Pandemic Response Effectiveness in Pakistan’ will support the government to prepare and respond to the disease and strengthen

Federal Govt redirects $40m non-utilised sums to fight coronavirus

Minister for Economic Affairs Hammad Azhar has announced that the federal and all provincial governments can use $40 million non-utilised sums from World Bank projects to battle coronavirus. Hammad Azhar took to Twitter and said, “Following non-utilised sums have been

World Bank to provide $100 million for Sindh education project

ISLAMABAD: It has recently emerged that the World Bank intends to finance the Government of Sindh’s education program with a loan of $100 million to improve the quality of teaching methods and student allocation in early primary classrooms in 10

Pakistan’s growth declines to 3.3 pct: World Bank report

ISLAMABAD: The World Bank projects growth in Pakistan to languish at 3 percent or less by 2020 in its latest Global Economic Prospects report, as macroeconomic stabilisation attempts to weigh on activity. The report highlighted Pakistan as an exception for

World Bank meeting: Pakistani delegation to reach US today

ISLAMABAD: A high-level delegation of Pakistan left for the United States where the gathering will meet with the World Bank officials on the Indus Waters Treaty. The delegation will hold talks with Indus Water Commissioner Meher Ali Shah and the

Indus Water Treaty violations

Amid escalating tensions and increasingly deteriorating relations, the Indian government has been finding new ways to hit back at Pakistan. India has been using a new weapon by threatening to cut down the water flowing to Pakistan violating the historic