World Bank President to finalise financial support

ISLAMABAD: To finalise the agenda of enhanced support for development purposes and institutional reforms, World Bank President David Malpass has planned to visit the federal capital in the first week of November, according to an official statement.

The Ministry of Finance on Thursday stated that World Bank’s Country Director in Pakistan Patchamuthu Illangovan and his team notified the Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh of the upcoming visit of Mr Malpass to Islamabad.

Various financial agreements worth $950 million were signed with the World Bank last month as Mr Illangovan highlighted the problems being faced by the existing projects and slowdown in the project planning and process. The visit follows Prime Minister Imran Khan’s meeting with the World Bank President during his recent visit to the United States.

Three of the major projects designed for the World Bank financing include water, sanitation and urban livelihood in Karachi. Additional financial support will also be provided by the Asian Development Bank, Asian Infrastructure Investment Bank and Agence Francaise de Development. The worth of these projects goes beyond $2.6 billion.

Pakistan’s goal is to pursue a growth-oriented programme for economic revival and institutional reforms, which makes the financial support vital to achieving the goal, said Dr Hafeez Shaikh.

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