Pakistan received $4.4 billion from the World Bank and Asian Development Bank (ADB) in the fiscal year 2022-23, against the budgeted estimates of $5.836 billion, witnessing a shortfall of $1.436 billion, official data of the Economic Affairs Division revealed.
The government had budgeted $3.202 billion from ADB for the fiscal year 2022-23, however, the country received $2.266 billion during the period under review.
In the fiscal year 2022-23, the government’s budgeted amount of $1.271 billion from the International Bank for Reconstruction and Development (IBRD) was significantly lower than the actual amount received, which was $290.06 million. Similarly, for the same period, the budgeted amount from the International Development Association (IDA) was $1.363 billion, but the country received a higher sum of $1.807 billion as per the reviewed data.
The Ministry of Economic Affairs hosted an Appreciation Ceremony to acknowledge and appreciate the contributions of relevant EAD officers and the esteemed partners, the World Bank (WB) and the Asian Development Bank (ADB) in achieving an exceptional level of disbursements during fiscal year 2022-23.
The Minister highlighted that the WB and ADB cumulatively greatly helped Pakistan in dealing with the adverse impacts of the devastating floods of 2022, the balance of payment issues, and improving the implementation progress of the development portfolio.
“Due to joint and well-coordinated efforts of WB, ADB, and EAD, we were able to achieve disbursement of US$ 4.4 billion during FY2023. Together, we have set a remarkable precedent, setting the stage for even greater achievements in the future.” said the Minister
The Secretary expressed gratitude to the WB, ADB, and his highly motivated team for responding to Pakistan’s development needs and ramping up support, especially during emergency situations. This level of disbursement is attributed to the tireless efforts and rigorous follow-up by EAD and both the banks with all stakeholders to proactively address the bottlenecks.
Najy Benhassine, Country Director of World Bank in Pakistan, and Mr. Yong Ye, the Country Director of ADB in Pakistan, delivered heartfelt appreciation remarks, acknowledging the relentless commitment of the team of the Ministry of Economic Affairs.
They praised the unwavering dedication of the team of EAD and emphasized the harmonious partnership between the organizations and the Ministry of Economic Affairs.
The highlight of the event was the distribution of appreciation certificates by the Minister to the outstanding team members of the Asian Development Bank, the World Bank, and the Ministry of Economic Affairs.
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