New Challenges, New Strategy: WB readjusts Pakistan programme (National – brief)

ISLAMABAD: Unprecedented floods, continuing security issues and increased devolution of responsibilities to the provinces led the World Bank to adjust its Country Partnership Strategy (CPS) for Pakistan and alter the programme to incorporate an emergency response to floods and a deepened engagement with the provinces, said a press release from the Finance Division. A mid-term implementation assessment of the programme, therefore, assessed changes in the plan during the past two years and proposed adjustments for the remaining programme period. The report diagnosed that shifting of focus and resources in response to the floods led to a delay in infrastructure investments. In addition, the scheduled policy lending could not materialise, such as revenue mobilisation and power reforms, though the World Bank remained engaged in key economic issues, the presser said. Quoting highlights from the report, the release said up to $4 billion would be given in new loans over the next two years. The funds will be used for transformational infrastructure programmes that create jobs and restore long term growth, the finance division said.

Published in The Express Tribune, December 30^th, 2011.