World Bank, Pakistan sign $500m credit to support growth

Another agreement likely to be signed in September

WASHINGTON: The World Bank and Pakistan on Thursday signed the Second Fiscally Sustainable and Inclusive Growth Development Policy Credit (DPC). The credit amount of $500m is to support Pakistan's efforts to reinvigorate growth and stabilise the economy, Radio Pakistan reported. 

The accord was signed in Washington between the World Bank Vice President, South Asian region Annette Dixon and Pakistan's Ambassador to the United States Abbas Jilani.

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During the session, Jilani stated that another credit agreement of the same kind, worth $500 million would be signed in September this year for energy sector reforms.

"The credit is aimed at Pakistan's goal of accelerating growth to help create jobs and economic opportunity for all," Jilani added.

Meanwhile Ambassador Dixon felt that the signing of the agreement reflected upon the growing confidence of international donor agencies in Pakistan's economy.

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Further stating that after a long delay, International Monetary Funds have now expressed satisfaction over the transparent use of funds by the government to stabilise the economy.