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Asad Umar to meet World Bank and IMF officials on Tuesday

The meeting will be held in Indonesia

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October 8, 2018


Warming climate will displace millions in coming decades: World Bank

Washington: The number of people fleeing crop failures, droughts and rising sea levels will grow drastically over the next three decades if world governments do not intervene, according to a World Bank report released Monday. By 2050, 86 million “climate migrants” will be displaced in Sub-Saharan Africa, 40 million in South Asia and 17 million…

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March 19, 2018


WB to launch prosperity fund for Pakistan

ISLAMABAD: The World Bank in collaboration with UK Prosperity Fund would formally launch prosperity fund for Pakistan for the capacity building of federal and provincial institutions involved in promotion of investment in the country on Friday. Under this initiative capacity building of Federal Board of Investment (BoI) and Sindh Board of Investment would be undertaken,which…

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February 22, 2018


SBP, WB ink agreement on technical cooperation

ISLAMABAD: State Bank of Pakistan (SBP) and the World Bank (WB) have inked an agreement on technical cooperation for achieving the strategic goals under SBP’s Vision 2020. This is the first such agreement signed by the World Bank on Reimbursable Advisory Services (RAS) with any country in South Asia Region. The signing ceremony was held…

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January 29, 2017


WB offers mediation to Pakistan, India for resolution of dams issue

NEW YORK: The World Bank has offered mediation to Pakistan and India for resolution of dams issue under Indus Waters Treaty. In its meeting in Washington, the Group proposed to the two countries the names of three potential candidates for appointment as a neutral expert. – APP

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November 11, 2016


WB approves $200m for Balochistan’s water management project

ISLAMABAD: The World Bank has approved 200 million dollar for a water management project in Balochistan, which will benefit some 43,000 farm households in the province. Balochistan Integrated Water Resources Management and Development Project will support investment in two of the 18 basins in Balochistan Nari and Porali river basins. International Development Association will finance…

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June 29, 2016


WB approves $500 mln IDA Development Policy Credit for Pakistan

ISLAMABAD: The World Bank Board of Executive Directors has approved $500 million IDA Development Policy Credit  (DPC) “Competitiveness and Growth Development Policy Financing” and IBRD (International Bank of Reconstruction and Development) Policy based guarantee of $420 to support origination of commercial financing up to $1 billion. The Bank support is to assist Pakistan in carrying…

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June 22, 2016


US praises Pakistan’s economic performance

WASHINGTON: Michael Kaplan, Deputy Assistant Secretary of US Treasury Department appreciated the performance of Pakistan’s economy during the past three years due to structural reforms carried out by the government. Heading the US Treasury team during delegation-level talks with Pakistani officials led by Finance Secretary Dr. Waqar Masood, the US official commended the government on…

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April 18, 2016


Oil prices rise in Asia

SINGAPORE: Oil prices rose in Asia Tuesday, three days before an OPEC meeting in which the cartel is expected to maintain high output levels despite a global supply glut. Analysts say the Organization of the Petroleum Exporting Countries is likely to focus more on maintaining market share against competitors than on slashing production in order…

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December 1, 2015


WB approves $ 500 mln for Pakistan energy sector

ISLAMABAD: The World Bank Board has approved $ 500 million as budgetary support to Pakistan for energy sector reforms, a statement from the Ministry of Finance here said. “Approval comes in the wake of wide ranging reforms in the energy sector carried out by the present government. The approval by the Board is an expression…

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November 13, 2015


WB to release US$ 500 mln for Pakistan

ISLAMABAD: The World Bank Vice President for South Asia Region Ms Annette Dixon said on Monday that the Bank would release funds to the tune of US$ 500 million for Pakistan within 24 hours. A statement issued by the Ministry of Finance here Monday said that Ms Annette Dixon made a telephone call to Finance…

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June 22, 2015


WB approves $188 million for Guddu Barrage rehabilitation

ISLAMABAD: The World Bank on Friday approved US$188 million to improve the reliability and safety of the Guddu Barrage and strengthen the Sindh Irrigation Department’s capacity to operate and manage the barrages. Sindh Barrages Improvement Project (SBIP) under which the Guddu Barrage rehabilitation will be carried out is needed due to natural ageing of the…

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June 20, 2015


Asia must do more to help global Ebola fight: WB

SEOUL: Asian countries are not contributing enough to the global effort to fight Ebola, despite having a wealth of trained medical personnel who could help stop the spread of the deadly virus, World Bank Group president Jim Yong Kim said on Tuesday. Thousands of healthcare workers are needed to help combat the most deadly outbreak…

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November 4, 2014


World Bank IFC in stake deal with Pakistan bank

ISLAMABAD: The World Bank's International Finance Corporation (IFC) will take a 15 percent stake in the paid-up capital of Pakistan's Bank Alfalah, the Karachi-based lender said in a statement. Under the agreement, which still requires regulatory approval, Bank Alfalah will issue shares to IFC valued at 28 rupees per share, while IFC has an option…

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September 19, 2014


SBP, WB join hands for financial inclusion strategy

KARACHI: The State Bank of Pakistan and the World Bank have joined hands to formulate a broader National Financial Inclusion Strategy for the country. A meeting was held here in this regard last evening between senior officials of the State Bank and the World Bank. Chairing the meeting, Deputy Governor SBP Saeed Ahmad highlighted the…

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April 4, 2014


Pakistan to hold talks with IMF, WB for securing critical bailout package

Staff ReportISLAMABAD: A high-level team of the country’s economic managers will leave for Washington on April 18 to hold talks with the IMF and the World Bank to seek a critical bailout package for the country’s ailing economy, SAMAA reports.The delegation which will include governor State Bank of Pakistan, chairman Federal Board of Revenue and…

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April 13, 2013


PM son-in-law’s WB post: SC calls ED, finance secretaries

Staff ReportISLAMABAD: The Supreme Court (SC) issued notices to Secretary Establishment Division, Secretary Finance and Raja Azeem-ul-Haque—the son-in-law of Prime Minister Raja Pervez Ashraf, SAMAA reported Wednesday.A three-member SC’s bench headed by Justice Anwar Zaheer Jamali heard a suo motu notice case against the PM’s son-in-law over his nomination as an executive director of the…

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December 19, 2012


WB names ex-ICC prosecutor to head corruption panel

NEW YORK: The former chief prosecutor of the International Criminal Court will lead a review of Bangladesh's investigation of alleged corruption tied to a major bridge project, the World Bank said late on Friday. Luis Moreno Ocampo will head the three-member panel and deliver a report to the World Bank, one of several steps necessary…

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October 6, 2012


WB halts SSGC loan after OGRA’s refusal

Staff ReportISLAMABAD: The World Bank said that it would not provide $100 million loan to Sui Southern Gas Company (SSGC) to reduce line losses. The company had asked for World Bank loan to reduce its line losses. According to sources, the gas company intends to charge this amount from its consumers. However, the World Bank…

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February 18, 2012


WB sets $5.5 billion in aid for Pakistan

WASHINGTON: The World Bank on Thursday said it would provide Pakistan with $5.5 billion in development aid over the next two years.”The Bank has responded flexibly in the face of the tremendous challenges Pakistan has gone through over the past year or so,” said its Pakistan country director Rachid Benmessaoud.”We will continue our strong support…

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December 22, 2011


WB pledges $900m in flood aid

ISLAMABAD: The World Bank will release $900 million to help fund relief efforts for Pakistan's flood disaster as international agencies warned millions of people were at risk from disease. The United Nations has warned that up to 3.5 million children could be in danger of contracting deadly diseases carried through contaminated water and insects in…

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August 17, 2010