Pakistan's economic recovery from the floods and other problems remains slow: World Bank.  - File Photo

WASHINGTON: The World Bank on Thursday said it would provide Pakistan with $5.5 billion in development aid over the next two years.

“The Bank has responded flexibly in the face of the tremendous challenges Pakistan has gone through over the past year or so,” said its Pakistan country director Rachid Benmessaoud.

“We will continue our strong support to Pakistan, while keeping a keen eye on implementation to ensure that these efforts translate into real results on the ground,” he said.

The bank's progress report on its Pakistan program said its efforts had been disrupted over the past two years by the devastating floods of 2010-2011, ongoing security problems as well as “slow economic reform”.

“Shifting the focus and resources in response to the floods led to a delay in infrastructure investments,” it said.

It said Pakistan's economic recovery from the floods and other problems remains slow, with growth of 3.9 per cent expected next year.

“A range of governance, corruption and business environment indicators suggest that these areas remain a challenge,” it added.

The funds include $4 billion in development assistance and $1.5 billion from the bank's International Finance Corporation, which helps private sector firms.

“We are committed to helping Pakistan realize its potential especially in key sectors such as infrastructure, renewable energy and agribusiness,” said IFC Middle East director Mouayed Mahlouf.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

No time left
Updated 06 Feb, 2025

No time left

Climate change concerns continue to remain a footnote as politics dominates national discourse, surfacing only when disaster strikes.
Karim Aga Khan
06 Feb, 2025

Karim Aga Khan

PRINCE Karim Aga Khan was a man who straddled various worlds and cultures. Beyond his role as spiritual leader of ...
Cotton production
06 Feb, 2025

Cotton production

PAKISTAN’S cotton crop is on the ropes. The crop output has been falling since FY15, when the country harvested a...
Kashmir question
Updated 05 Feb, 2025

Kashmir question

The important thing is to continue dialogue process, on bilateral disputes, Kashmir issue, and move beyond rigid positions.
Letters from jail
05 Feb, 2025

Letters from jail

OVER the past week, former prime minister Imran Khan has directly addressed his concerns to both the chief justice ...
Agriculture tax
05 Feb, 2025

Agriculture tax

WITH Sindh and Balochistan finally approving changes to their agriculture income tax laws to harmonise their AIT...