Miftah pushes for quick completion of WB initiatives

Global lender had warned Pakistan of losing funds if prior actions not completed

ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail urged for fast-tracking the progress of all the World Bank’s initiatives in Pakistan and directed for the completion of all prior actions required for the RISE-II and PACE-II programmes.

In this regard, the finance minister on Sunday held a meeting with Country Director World Bank Najy Benhassine and Programme Leader Energy WB Teuta Kacaniku, on WB’s initiatives RISE-II and PACE-II here at the Finance Division. Senior officers from the Finance Division, Energy Division and Federal Board of Revenue (FBR) attended the meeting.

RISE-II is a policy loan for budgetary support for which the government is expected to receive $450 million. 

Earlier in May, the WB had warned the government that Pakistan will lose a part of FY23 funds from the International Development Association (IDA) for not completing Prior Actions (PAs) under the programme. “There are five prior actions (PAs) pending for RISE -II, three of which, if not achieved by May 31, 2022, will result in Pakistan losing a part of its FY23 IDA allocation,” the Bank’s vice president had written in a letter.

On the other hand, PACE-II focuses on measures to improve financial viability of the power sector and support the country’s transition to low-carbon energy whereas the Washington based lender is expected to approve $600 million for the programme. 

Miftah was briefed on the progress in the second Resilient Institutions for Sustainable Economy (RISE-II) and the second Programme for Affordable Energy (PACE-II).

The meeting deliberated over the overall progress achieved so far and discussed prior actions to be met for the timely completion of these programmes.

The finance minister thanked the World Bank team for its continuous support and facilitation. 

 

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