- This year, around $1.5 billion in funding would be mobilised.
- Ishaq Dar informs Najy Benhassine about economic issues.
- Pakistan wants funding in the aftermath of a climate-related disaster.
ISLAMABAD: The World Bank announced on Saturday the allocation of $2 billion in money from current projects for emergency operations in flood-affected regions to assist Pakistan as the cash-strapped country seeks assistance in the aftermath of the climate-induced disaster.
During a meeting with Finance Minister Ishaq Dar, Bank Country Director Najy Benhassine warned him that around $1.5 billion in cash will be mobilised this year owing to an emergency scenario.
Floods triggered by unusual monsoon rains and glacier melt have submerged huge areas of the South Asian nation, killing approximately 1,700 people, the vast majority of whom were children and women.
Benhassine was informed by the finance minister on the country’s present economic issues. He said that the current administration is aware of these concerns and is taking practical actions to address impediments to progress.
“The current administration is dedicated to putting the economy on a sustainable and inclusive growth path,” Dar told the World Bank official, according to a Finance Division statement.
During the meeting, Dar expressed gratitude to the World Bank for its assistance in advancing the reform programme and delivering numerous development projects for the country.
He also said that Pakistan appreciates the World Bank’s financial and technical assistance for institutional changes and economic growth in the nation.
The Asian Development Bank (ADB) stated earlier this week that it would provide $2.3-2.5 billion in flood disaster assistance to Pakistan.
The statement came during a meeting between Federal Minister of Finance and Revenue Senator Mohammad Ishaq Dar and an ADB team led by its country director Yong Ye.
