World Bank announces $2 billion in support for flood-hit Pakistan

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ISLAMABAD – The World Bank on Saturday announced the allocation of $2 billion in funds from its existing funded projects for emergency operations in flood-affected areas to support Pakistan.

The announcement was made by World Bank Country Director Najy Benhassine during a meeting with Finance Minister Ishaq Dar in Islamabad.

He further informed that approximately $1.5 billion in funds would be mobilized this year due to the emergency.

Najy Benhassine also extended his congratulations to the Minister of Finance for taking charge of the office and made a presentation on the existing programs and future cooperation of the World Bank for Pakistan.

The Pakistani minister appreciated the World Bank for being a source of support in pursuing the reform agenda and implementing various development projects for the country.

He added that Pakistan appreciated the financial and technical support provided by the World Bank for the country’s institutional reforms and economic development.

Dar said the government is aware of the economic problems and is taking pragmatic steps to address bottlenecks to growth.

He said the current government is committed to putting the economy on a path of sustainable and inclusive growth. He also shared the devastation caused by the recent floods in the country.

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