$750m two agreements signed with WB, AIIB

160

STAFF REPORTER IS LAMABAD The Government of Pakistan has signed today two financing agreements valuing US$ 750 million with the World Bank (WB) and the Asian Infrastructure Development Bank (AIIB) for the Resilient Institutions for Sustainable Economy (RISE) program. The World Bank will extend financing of US$500 million and Asian Infrastructure Investment Bank (AIIB) will provide co-financing of US$250 million for the RISE program. This is concessional financing in the form of budgetary support that is being provided by the two IFIs under Resilient Institutions for Sustainable Economy (RISE), Development Policy Financing with the objective to (i) enhancing the policy and institutional framework to improve fiscal management, and (ii) improving the regulatory framework to foster growth and competitiveness. The efforts aimed at strengthening fiscal management will support the ongoing stabilization efforts of the government. The program also includes actions that respond to the immediate COVID19 pandemic needs and addresses medium-term reforms. Upon signing

Previous articleCAA incurs over Rs30b loss in four months
Next articleJazzCash, Ignite partner to facilitate freelancers