Pakistan receives another loan of $1.3b from World Bank

ISLAMABAD: Pakistan has received another loan from the world bank on Friday loan of worth $1.3 billion including $600 million for budget support. This borrowing will prove to be beneficial to revive the financial state of the country.

The amount includes a $200 million loan to combat locust attacks, a scheme that has been met with opposition from the planning ministry, which is concerned about resources being wasted on the purchase of over 300 luxury cars and laptops. Pakistan has decided to take a $50 million loan for refugees despite originally refusing to do so.

Noor Ahmed and Najy Benhassine, the World Bank’s country head, along with officials from the provincial governments, signed seven loan agreements. Makhdoom Khusro Bakhtiar, Minister of Economic Affairs, was present at the signing ceremony.

Pakistan’s dry financing line has begun to open the approval of the loan worth $500 million this week by the International Monetary Fund (IMF).

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