World Bank decides to restore Budgetary Support to Pakistan

By Aizbah Khan - Web Editor

22nd November, 2019

Federal Minister for Economic Affairs Hammad Azhar has said that the World Bank has restored Budgetary Support to Pakistan on account of strengthening of economic stability.

According to details in a message posted on social networking website Twitter, he said that the World Bank has taken a decision due to the strengthening of Pakistan’s economy.

The World Bank and the Asian Development Bank both had suspended budgetary support to Pakistan during 2017 due to rising macroeconomic imbalances that had arisen in the economy at that time.

Last month, Advisor to Prime Minister Imran Khan on Finance, Revenue and Economic Affairs Dr Hafeez Sheikh met with Managing Director of World Bank, during which he reaffirmed full support to improve Pakistan’s economy.

Managing Director World Bank Axel van Trotsenburg said Pakistan should take full advantage of the World Bank’s available resources.

It should be noted that in August this year, the Asian Development Bank approved a $ 50 million loan to boost exports and improve trade conditions in Pakistan.

The ADP, in its statement, said that loans have been provided to facilitate business and increase exports, which will also help reduce Pakistan’s trade deficit.

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