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World Bank approves US$200 mn aid for Pakistan

World Bank approves US$200 mn aid for Pakistan

World Bank approves US$200 mn aid for Pakistan

World Bank approves US$200 mn aid for Pakistan (credits:google)

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  • The money was given as help to the nation because the World Bank has already contributed US$40 billion.
  • The disbursement of US$1.17 billion under Pakistan’s Extended Fund Facility .
  • It was agreed upon at the staff level between the International Monetary Fund (IMF) and Pakistan.
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Days after Pakistan and the International Monetary Fund (IMF) reached a staff-level agreement for the release of US$1.17 billion, the World Bank has approved the provision of US$200 million to Pakistan.

The money was given as help to the nation because the World Bank has already contributed US$40 billion in this area and currently 60 projects totaling US$14 billion are being supported by it.

Details indicate that the Punjab province will get $200 million to support projects held by small farmers, improve the agricultural sector, and equip the latter with technology to address the effects of climate change.

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The proposal could help 190,000 farmers and will enhance the delivery of water supplies to 1,400,000 million acres of land.

The disbursement of US$1.17 billion under the combined 7th and 8th reviews of Pakistan’s Extended Fund Facility was recently agreed upon at the staff level between the International Monetary Fund (IMF) and Pakistan (EFF).

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The agreement must be approved by the IMF Executive Board, according to a statement from the Fund.

Additionally, “the IMF Board will consider an extension of the EFF until end-June 2023 and an augmentation of access by SDR 720 million, which will bring the total access under the EFF to about US$7 billion in order to support programme implementation and meet the higher financing needs in FY23, as well as catalyse additional financing.”

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