ISLAMABAD, Feb 7: The World Bank will provide Pakistan $2 billion this year for poverty alleviation and development programmes, an official said here on Saturday.
“The Bank Group plans to provide up to $2 billion in credits during this fiscal year to support economic growth and the government’s poverty-focussed programmes,” World Bank country director Yusupha Crookes said.
“These projects will support the immediate challenges in education, health, safety nets and community-led development, while laying the foundation for investment in infrastructure to foster long-term growth and job creation.
As the macroeconomic situation improves, additional … financing will also become available.”
According to a statement issued here, World Bank Group managing director
Ngozi Okonjo-Iweala said at the conclusion of her visit that Pakistan was moving in the right direction and its reform programme would lay the foundation for inclusive and sustainable growth.
Acknowledging the government’s efforts to correct macroeconomic imbalances, particularly in light of global financial crisis, she praised launching of a safety net programme, the Benazir Income Support Programme and emphasised the need to focus on long-term development agenda.
“The World Bank is committed to supporting Pakistan in line with its vision for equitable progress and rapid development. We are committed to working with the government during this difficult time, protecting the most vulnerable groups and carrying out critical reforms that will set the basis for higher, inclusive and sustainable economic growth,” she said.
Ms Okonjo-Iweala during her visit held meetings with President Asif Ali Zardari, Prime Minister Yousuf Raza Gilani and the government’s economic team to discuss the macroeconomic situation and infrastructure development, expansion of power production, social protection, and education, particularly for girls.
She participated in roundtable discussions on infrastructure, NWFP, and implementation challenges.
During discussions with the representatives of the private sector, she noted the importance of public-private partnerships and using the infrastructure gap as an opportunity to build regional linkages.
With civil society and community leaders from the NWFP, the Bank’s official expressed sympathy with those who were struggling to cope with an increasingly difficult situation and emphasised the need for improving conditions.
She appreciated the government’s stabilisation programme and signalled the Bank Group’s strong support to the economic team.
She cautioned that the global economic situation posed challenges and the government would need to maintain its strong reform programme, saying that revenue mobilisation would be “key to underpinning growth”.
She said that the long-term vision was important and continued investment in infrastructure, expanding the export base, enhanced regional cooperation, agriculture development and results-based education development would be critical for realising growth and poverty reduction.
