Pakistan Set to Get $700 Million from World Bank, IsDB: Minister

Minister of State for Finance and Revenue Dr Aisha Ghaus Pasha Thursday informed the National Assembly’s Standing Committee on Finance that Pakistan is set to get $450 million from the World Bank and another $250 million from Islamic Development Bank (IsDB).

The meeting of the committee was chaired by committee chairman Qaiser Ahmad Sheikh. Briefing the committee about the delay in the staff-level agreement with the International Monetary Fund, the state minister said that Pakistan has completed all prior actions needed to sign the agreement.

She said the key hurdle in the signing of the SLA was external financing. However, she pointed out that Pakistan has reduced its current account deficit after which the external financing requirement has come down substantially but IMF is yet to agree on it.

She also highlighted that Pakistan is expecting inflows from the World Bank and Islamic Development Bank but didn’t disclose when the inflows will metalize.

She said that Pakistan has repaid $3 billion in commercial loans and has informed IMF that some loans will be rolled over. The minister said that Pakistan has also shared numbers related to the upcoming budget and expressed hope that the SLA with IMF would materialize soon.

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