ISLAMABAD, March 5: Islamabad and the World Bank will formally sign the agreement of the approved loan to support the Pakistan's Tax Administration Reform Project (TARP) to be implemented in five years period.

An official in the Central Board of Revenue (CBR) told Dawn on Saturday that the agreement would be signed here on March 9 by the representatives of the World Bank and Pakistan to formally launch the project.

The World Bank board of directors has already approved a $78.5 million credit and a $24.4 million loan to support the Pakistan's reforms project. This project was also funded by Britain's Department for International Development (DFID), with a $23 million grant. While the remaining costs of the project will be funded by the government of Pakistan.

The TARP would further the reforms initiated by the government for improving tax administration, contributing to the achievement of fiscal targets and facilitating the collection of tax revenues.