World Bank announced to provide $2 billion to Pakistan for flood -relief support

World Bank will provide $1.5 billion during current financial year 2022-23 for emergency situation in flood affected areas 

World Bank has announced to provide $2 billion to help the flood affected people in Pakistan. World Bank will provide $1.5 billion during the current financial year that will end in June 2023. The World Bank’s country director Najy Benhassine conveyed this decision to Finance Minister Ishaq Dar when they met today at the Finance Ministry. Benhassine informed Dar that around $1.5 billion in funds would be mobilised this year due to an emergency situation.

The floods caused by abnormal monsoon rains and glacial melt have submerged huge swathes of Pakistan and killed nearly 1,700 people, the majority of them children and women.

The finance minister briefed Benhassine about the economic challenges that the country is currently facing. He said that the present government is cognizant of these issues and is taking pragmatic steps to resolve bottlenecks to growth.

“The present government is committed to setting the economy on a sustainable and inclusive growth path,” Dar told the World Bank official according to a statement issued by the Finance Division. During the meeting, Dar appreciated the World Bank for being a source of support in pursuing reform agenda and implementing various development projects for the country.

He further said that Pakistan values the financial and technical support provided by the World Bank for the institutional reforms and economic development of the country. Earlier this week, the Asian Development Bank (ADB) announced providing flood-relief support of $2.3 to $2.5 billion to Pakistan.

The announcement came during Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar's meeting with a delegation of ADB, headed by its country director Yong Ye. The two international lenders have pledged the support of $4.5 billion  within a week.

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