Pakistan receives a loan of $304 million from the World Bank

The initiative intends to help the Government of Punjab

Karachi: The Economic Affairs Minister Makhdoom Khusro Bhakhtiar stated that the government of Pakistan is ready to make efforts in improving fiscal management. This will be done by increasing domestic revenues and investing in development initiatives. The Minister was speaking at the event where a $304 m loan has been lent from the World Bank, on Wednesday, for the Punjab Resource Improvement and Digital Effectiveness Programme (PRIDE).

Bakhtiar continued and lauded Punjab Government’s strategy on the two fronts. The Minister also appreciated the support the World Bank has always given to Pakistan’s Government which helped in progressing economic development.

The initiative intends to help the Government of Punjab raise its own source income, enhance the efficiency of resource distribution and access to digital services for citizens and enterprises in the province.

Najy Benhassine, the World bank’s Country Director for Pakistan, On the occasion said Pakistan will continue to receive uninterrupted support from the World Bank which will as a result help the country grow and achieve development.

Program initiatives will concentrate on three major areas, particularly fiscal risk control, revenue mobilisation, and expenditure management by better use of information systems. Improved control of public capital is projected to generate an additional fiscal region of Rs274 billion by the end of the financial year 2025.

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