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Pakistan, World Bank sign agreements worth $918m

Loans to help manage KP's resources, improve education

SAMAA | - Posted: Jun 18, 2019 | Last Updated: 2 years ago
SAMAA |
Posted: Jun 18, 2019 | Last Updated: 2 years ago

Pakistan and the World Bank signed three loan agreements worth $918 million on Tuesday. The signing ceremony was witnessed by finance adviser Dr Abdul Hafeez Shaikh.

The first agreement was for the ‘Pakistan Raises Revenue’ programme. The country has been given $400 million to broaden its tax base.

The programmes targeted results include increasing Pakistan’s tax to GDP ratio to 17%, increasing the number of active taxpayers to 3.5 million, reducing the compliance burden of paying taxes, and improving the efficiency of customs controls.

The second agreement was for the ‘Higher Education Development’ programme. The development scheme, worth $400 million, seeks to support research excellence in strategic sectors of the economy, improve teaching and strengthening governance in the higher education sector.

Related: World Bank approves $518m to help Pakistan increase tax base

The project seeks to nurture academic excellence in strategic sectors, support decentralized higher education institutes for improved teaching and learning, and equip students and higher education institutions with modern technology.

The third agreement, ‘Khyber Pakhtunkhwa Revenue Mobilization and Resource Management’ programme, is worth $118 million.

The programme seeks to increase collection of KP’s own-source revenues and improve the management of public resources.

Economic Affairs Division Secretary Noor Ahmed signed the agreement on the government’s behalf, while Patchamuthu Illangovan, the country director of the World Bank, signed on the institution’s behalf. The HEC and KP representatives signed their respective project agreements.

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