WB approves $350 million for Pakistan

Washington DC: The World Bank Wednesday approved a loan of 350 million dollars for Pakistan.

According to the World Bank, the loan was approved for Pakistan under the Rise to Program for the purpose of providing the loan to promote competitiveness for Pakistani financial management, sustainable and inclusive economic development.

The World Bank stated that Pakistan needs urgent financial reforms.

‘The Rise to Program completes the first phase of tax, energy, business and climate reforms designed to increase revenue,’ said World Bank Country Director Naji bin Hussain.

Naji Bin Hussain added that the Rise to Program is designed to improve the spending target, competitiveness and investment promotion. The program will also help in better management of Pakistan's power sector.