Tag: World Bank

  Pakistan and World Bank signed Financing Agreement of $500 million IDA Development Policy Credit for “Competitiveness and Growth” on Thursday. Economic Affairs Division Secretary Tariq...

    The World Bank approved financing worth $1.02 billion using three different financing instruments that will support the deepening of Pakistan’s economic reforms and to...

The World Bank (WB) has approved a 300 million dollars loan to support increased school participation in Punjab. According to a statement of the WB:...

Pakistan must speed up reform of the energy sector and bring more women into the labour force if it wants to quicken economic growth...

World Bank has applauded the government for restoring economic stability but noted that much of the country's economic growth was underpinned by external influences such as low oil prices and strong remittances while private and public investments continue to remain low

After Israel's war against Gaza militants in 2014, Arab countries led the way in pledging reconstruction aid to the devastated seaside enclave. But a...

IMF warns volatility in financial markets, surge in corporate defaults and ‘Brexit’ among serious threats to precarious global economy World finance ministers pledged to boost...

Political differences within Pakistan and a slowing Chinese economy have become risks to the materialisation of the $46-billion investment under China-Pakistan Economic Corridor, according...

    In Pakistan, growth decelerated to 4.5 percent in 2016, down from 5.5 percent in 2015. However, 2017 may see a gradual pick up supported...

    Finance Minister Ishaq Dar has said that Pakistan is stepping up to a higher level of growth and better opportunities for economic prosperity of...

The government is likely to promulgate a presidential ordinance instead of tabling a bill in parliament to convert State Life Insurance Corporation (SLIC) into...

People in Pakistan sent almost $5 billion to India last year, according to World Bank estimates, making it one of the largest sources of...

  World Bank President Jim Yong Kim has reiterated the organisation's goal of tackling extreme poverty and inequality, and improving the lot of the underprivileged people around the world. Addressing the students at the Institute of Business Administration (IBA) Karachi at its City Campus on Wednesday, the World Bank president termed the students the sfuture of the country and asked them to pay attention to skills development and to familiarise themselves with finance so as to help spur process of development. Jim Yong Kim said that 40 per cent of Pakistan's population was young and they would soon job markets after the completion of their studies. The address was streamed through video link to students of around 75 universities in the country. He said that they should come up with entrepreneurial skills as well so that they may create opportunities for themselves and other people in the society. He said that one of the goals being pursued by the World Bank was to tackle the issue of inequality around the world to lift the people out of poverty. The World Bank president said that his organisation with some 188 member countries extends technical assistance and financing to enable them to take decisions to overcome their problems. He said that there is a need for coming up with the solutions that work effectively. Kim said that the World Bank serves low-income countries and poor people around the world. The bank, he further stated, makes available substantial financial assistance to the countries to help meet their development needs. "Investment in people contributes to the real growth, especially in the field of education and health," he said. Kim said that there are some 2,000 PhDs at the World Bank who were engaged in coming up with solutions to the problems faced by the people around the globe. Replying to a question, he said that for enhancing its power generation, Pakistan may turn to solar option as this will help provide electricity in the far flung areas as well. The matters pertaining to connectivity with the grid can be worked out, he added. On arrival at the venue, the World Bank president was accorded a warm welcome. IBA Karachi Dean and Director Dr Ishrat Husain welcomed Jim Yong Kim. He said that the IBA Karachi was the oldest business school outside North America. Dr Ishrat said that IBA helped students attain excellence and upward social mobility. Former federal minister Abdul Razzak Dawood said that the private sector in Pakistan was vibrant. He said that some 28 million people are in the 18-23 age group and they need better skills training as well. Sadaf Abid was of the view that it is good to invest in women for the betterment of families and the society. Later, Dr Ishrat Hussain presented the world Bank president a shield and the traditional gift of the Sindhi cap and Ajrak.

  Pakistan has a great opportunity to become more ambitious in reforming its economy so that more people are lifted out of poverty more quickly and prosperity is more widely shared among its people, said World Bank Group (WBG) President Jim Yong Kim. Noting that the government had stabilised the economy over three tough years, Kim said he had discussed in meetings with the prime minister and the finance minister about the importance of pressing forward with reforms that would unlock the country's potential. As part of the World Bank's continued support to the country, there was discussion of a Development Policy Credit to promote economic reforms. “Now is the moment for Pakistan to step up to a higher level of growth and opportunity for all its people,” said Kim. “In my meetings with the prime minister and the finance minister, we discussed going to a higher level of ambition for reforms for the economy. These could include strengthening the role of the private sector for job creation, accelerating energy reforms, making improvements at the community level for health and education, and ensuring that anti-poverty measures are effective at reaching poor people.” Kim made his comments on the first day of his two-day visit to Pakistan after meetings in Islamabad with top government officials, including economic ministers and secretaries from provincial and federal governments. Kim participated in a State Bank of Pakistan launch event for WBG support to Pakistan's financial inclusion reform agenda, “Pakistan's Path towards Universal Financial Access.” “The National Financial Inclusion Strategy has come at a particularly opportune moment as new technology and the rapid expansion of branchless banking offer unprecedented opportunities to transform financial inclusion in Pakistan. Pakistan is now leading the way in South Asia when it comes to digital finance and branchless banking,” the WBG president said.

World Bank President Dr Jim Yong Kim has urged the Sindh government to make ambitious projects for health, human resource, renewable energy and urban...

  World Bank (WB) President Jim Yong Kim has said that Pakistan is poised to become the next fast growing successful economy due to important...

  World Bank President Dr Jim Yong Kim called on Prime Minister Muhammad Nawaz Sharif at the PM House on Tuesday. The prime minister said during...