The World Bank’s Board of Executive Directors on Wednesday approved $350 million in financing for Pakistan to support fiscal and competitiveness reforms.
The financing comes for the Second Resilient Institutions for Sustainable Economy (RISE-II) Operation, which aims to strengthen fiscal management and promote competitiveness for sustained and inclusive economic growth, read a World Bank statement.
“Pakistan needs urgent fiscal and structural reforms to restore macroeconomic balance and lay the foundations for sustainable growth,” said Najy Benhassine, World Bank Country Director for Pakistan. “RISE-II completes a first phase of tax, energy and business climate reforms geared to raising additional revenues, improve the targeting of expenditures and stimulate competition and investment.”
World Bank said that the RISE-II Operation contributes to better fiscal management by improving fiscal policy coordination, enhancing debt transparency and management, strengthening the taxation of property, and improving the financial viability of the power sector.
