PESHAWAR, May 15: The World Bank (WB) has lauded the fiscal reforms, initiated by the NWFP Government, aimed at well being of the people and at overall economic uplift of the province.  

Frontier Province Finance Minister Farid Rehman stated this here on Wednesday while briefing the NWFP Cabinet on the recent visit of WB president to Peshawar.

Provincial Governor Syed Iftikhar Hussain shah presided over the cabinet’s meeting at the Governor House.

World Bank chief had appreciated the reforms agenda, and described it as a marvellous achievement, the minister said.

The cabinet was briefed on the proceedings of various working groups of the National Finance Commission, and various aspects of the Structural Adjustment Credit, being negotiated with the World Bank to finance the provincial reform plan.

The cabinet, in principle, approved the formation of the Elementary Education Foundation, which will be run by a board of governors in an autonomous fashion, says an official statement.

The foundation will have an endowment fund, initially to the tune of Rs200 million, to be used for the uplift of elementary education, it adds.