World Bank sets $5.5 billion in aid for Pakistan

Country director says the World Bank has responded flexibly in the face of challenges Pakistan has gone through.

Afp December 23, 2011

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 percent 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


NDQ | 11 years ago | Reply

Good news for Zardari Ali baba and his forty thieves (ministers) as well as top military officers. 15% will go to Zardari and the rest will be pocketed by military officers. Nothing will be spent on dams or infrastructure development or so called rehabilitation of flood victims. Pakistan has less than $10 billions to his name which is mostly loans to be paid back soon with over $60 billions total debt and debt is rising. God continue to bless Pakistan's president and top military brass.

cosmo | 11 years ago | Reply

@antanu: If that brings peace to you, well then be happy and if that helps you hide the ugly side then good luck !!

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