PR No. 157 Islamabad: June 22, 2016

The World Bank Board of Executive Directors in its meeting held on 20th June, 2016 at Washington DC, USA has approved an amount of US$ 500 million IDA Development Policy Credit (DPC) “Competitiveness and Growth Development Policy Financing” and IBRD Policy based guarantee of US $420 to support origination of commercial financing up to US$ 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 23rd June, 2016, thereafter the World Bank will disburse US $500 million to Pakistan in a single tranche.