WB approves $500 mln IDA Development Policy Credit for Pakistan

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ISLAMABAD, June 22 (APP): The World Bank Board of Executive
Directors has approved $500 million IDA Development Policy Credit
(DPC) “Competitiveness and Growth Development Policy Financing”
and IBRD (International Bank of Reconstruction and Development)
Policy based guarantee of $420 to support origination of
commercial financing up to $1 billion.

The Bank support is to assist Pakistan in carrying out the critical economic structural reforms initiated by the present Government to accelerate and reinvigorate inclusive growth in Pakistan.

The Credit has two broad development objectives and pillars; improving the business environment and enhancing fiscal management through improving revenue management and making public spending more
pro-poor.

The Government of Pakistan will formally sign the Financing Agreement with the World Bank at Islamabad on June 23, 2016, thereafter the World Bank will disburse US $500 million to Pakistan in a single tranche, a statement of ministry of finance said here on Wednesday.