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Gazi Abbas Shahid
Starting as a ground reporter back in his home UT of Jammu and Kashmir, Gazi has been a part of the news industry for well over a decade. While he finds every type of news engrossing, politics, partic ... Read More
Pakistan loan: Cash-strapped Pakistan is literally forced to beg for a loan from various financial institutions each month as its crumbled economy is barely enough to keep the country running. According to media reports, the World Bank and the Asian Development Bank (ADB) have approved another $544 million loan for Islamabad for promoting education, and financial security and empowerment of women.
On Wednesday, the World Bank approved a $194 million loan for Pakistan and signed a $350 million loan agreement with ADB to promote financial inclusion and economic empowerment of women. As per a report by Pakistan based Samaa TV, the World Bank loan is meant for two projects– promoting new educational opportunities to children in the restive Balochistan province, and strengthening the country’s water security.
According to Najy Benhassine, the Country Director for Pakistan for the South Asia region at the World Bank, the primary goal of the project is to improve education opportunities for underprivileged children Balochistan. Additionally, the water security project is aimed to deal with climate change crisis in Balochistan, while the investment in infrastructure and human development will create employment opportunities in the province, the World Bank officer added.
The agreement under the Women’s Inclusive Finance (WFI) Sector Development Programme was signed on Tuesday by Sabina Qureshi, Additional Secretary, Economic Affairs Division, and Dinesh Raj Sivakoti, Head of Project Administration Unit, Radio Pakistan reported.
‘The program will provide women with ample opportunities to better access financial services, expand business opportunities and create new employment opportunities,” the report said.
WIF’s Sub-Program-2 focuses on four major reform areas, including creating an enabling policy and regulatory environment for the financial inclusion of women, increasing finance for women, strengthening women entrepreneurship capacity and promoting inclusive and equitable workplaces within the financial sector.
Meanwhile, despite the constant cash-infusion from financial bodies, Pakistan’s total debt has surged to 76,000 billion Pakistani rupees in the first nine months of the current financial year, and its economy is expected to grow at a nominal 2.7 percent during the current fiscal, according to the Economic Survey 2024-25 released on June 9.
Last year, Pakistan signed a $7 billion External Fund Facility (IFF) loan agreement with the International Monetary Fund (IMF) last year. The second tranche of the loan was disbursed in May this year.
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