World Bank restores budgetary support to Pakistan: Hammad Azhar
World Bank restores budgetary support to Pakistan: Hammad Azhar.
ISLAMABAD (Dunya News) – Federal Minister for Economic Affairs Hammad Azhar has on Friday stated that the World Bank (WB) has restored Budgetary Support to Pakistan on account of strengthening of economic stability.
The minster took to Twitter and wrote that both the Asian Development Bank (ADB) and WB had suspended budgetary support to Pakistan during 2017 due to rising macroeconomic imbalances that had arisen in the economy at that time.
The World Bank has restored Budgetary Support to Pakistan on account of strengthening of economic stability. Both ADB and WB had suspended budgetary support to Pakistan during 2017 due to rising macroeconomic imbalances that had arisen in the economy at that time.
— Hammad Azhar (@Hammad_Azhar) November 22, 2019
Earlier, The Pakistani authorities and International Monetary Fund (IMF) had reached a staff-level agreement on policies and reforms needed to complete the first review under the Extended Fund Facility (EEF).
The agreement was subject to approval by IMF management and the Executive Board of Directors. Completion of the review would enable disbursement of SDR 328 million (or around US$ 450 million) and help unlock significant funding from bilateral and multilateral partners.
