World Bank to provide $2 bn to Pakistan for flood-hit areas

• The World Bank country director further informed that around $ 1.5 billion funds would be mobilised this year due to emergency situation.
• Finance Minister Senator Ishaq Dar appreciated the World Bank for being a source of support in pursuing reform agenda
• He also informed about the devastations caused by the recent floods in the country.

ISLAMABAD: World Bank Country Director Najy Benhassine on Saturday said the bank was allocating $ 2 billion funds from existing projects financed by the bank for emergency operations in flood affected areas to support Pakistan.

He said this, while flanked by his team, in a meeting with Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar at the Finance Division in Islamabad.

The World Bank country director further informed that around $ 1.5 billion funds would be mobilised this year due to emergency situation.

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The finance minister welcomed Najy Benhassine and his team and shared economic challenges that the country was currently facing. He said that the present government was cognizant of the issues and was taking pragmatic steps to resolve bottlenecks to growth.

“The present government is committed to set the economy on sustainable and inclusive growth path,” he said. He also informed about the devastations caused by the recent floods in the country.

Benhassine extended felicitations to the finance minister on assuming the charge of the office and briefed on existing programs and future cooperation of the World Bank for Pakistan.

Finance Minister Senator Ishaq Dar appreciated the World Bank for being a source of support in pursuing reform agenda and implementing various development projects for the country. He further said that Pakistan valued the financial and technical support provided by the World Bank for the institutional reforms and economic development of the country.

The finance minister assured them of meeting prior actions for timely completion of programmes and thanked them for their continuous support and facilitation.