The World Bank said on Friday that it has approved $700 million in financing for Pakistan under a multi-year initiative aimed at supporting the country’s macroeconomic stability and service delivery.
The funds will be released under the bank’s Public Resources for Inclusive Development – Multiphase Programmatic Approach (PRID-MPA), which could provide up to $1.35 billion in total financing, the lender said.
Of this amount, $600 million will go for federal programmes and $100m will support a provincial programme in the southern Sindh province.
The approval follows a $47.9m World Bank grant in August to improve primary education in Pakistan’s most populous Punjab province.
In November, an IMF-World Bank report, uploaded by Pakistan’s finance ministry, said Pakistan’s fragmented regulation, opaque budgeting and political capture are curbing investment and weakening revenue.
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