Pakistan getting USD 500 million loan from World Bank

 Pakistan getting USD 500 million loan from World Bank

The World Bank has decided to provide budgetary support to Pakistan after four years and approved a $ 500 million policy loan to reduce the adverse effects of the Corona Virus epidemic in this country, which is suffering from the poor financial condition.

Pakistan will repay this loan in 30 years. It has been given by the International Development Association (IDA), the World Bank's concessional lending arm.

The World Bank's Board of Executive Directors on Friday approved a $ 500 million loan to help Pakistan better access quality health and education, provide economic opportunities to women, and strengthen social security.

Pakistan is facing a lot of difficulty in working out the effects of the covid-19 pandemic. The money is to help the country get better access to quality healthcare and education, support economic opportunities for women and strengthen social safety nets as the country braces to limit the impact of the COVID-19 pandemic, a media organization reported.

"Political risks are high because COVID-19 response adds uncertainty to the relations among the federating units," said the World Bank documents.

The World Bank document stated that the political risk is high because the exercise to deal with Kovid-19 has brought uncertainty into the relationship between the federal units.

However, the World Bank has postponed the approval of another loan of $ 500 million due to the reorganization of Pakistan's 'Credit Policy Coordination Office', reforms in the policy of state-owned companies, and the new national fiscal structure not being agreed upon.

Published on: May 25, 2020 10:11:42

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