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The World Bank says it will support the PTI govt’s reform plans

The World Bank is ready to support the PTI-led government’s reform plans, it announced on Wednesday. The bank said the plans are needed to stabilise the economy and accelerate growth to end poverty and boost prosperity. The commitment was made by the World Bank’s newly appointed vice-president for the South Asia region, Hartwig Schafer, when…

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Finance ministry denies IMF bailout will be used to repay Chinese loans

Pakistan on Wednesday dismissed US concerns that any new International Monetary Fund bailout would be used to repay Chinese debt as “totally wrong”. Pakistan’s economy has hit severe turbulence over the past year and most analysts expect the nuclear-armed nation to seek a bailout, either from the IMF or closest ally China, to avoid a…

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World Bank to provide up to $480 million to aid Rohingya refugees in Bangladesh

The World Bank said on Thursday it would provide up to $480 million in grant-based support to Bangladesh to address the needs of Rohingya refugees including health, education, water, sanitation and social protection. The World Bank’s board approved a $50 million grant to add to an existing health-sector support project in Bangladesh, the first in…

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India inaugurates Kishanganga project despite Pakistan reservations

India on Saturday inaugurated the Kishanganga hydropower project despite reservations from Pakistan. The Indian Prime Minister Narendra Modi reached occupied Kashmir to inaugurate the hydropower project. A complete shutterdown strike was observed in the region. The World Bank had ordered India to change the design of the dam over Pakistan’s reservations on the project. A…

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Modi inaugurates hydro project in Indian-held Kashmir

Indian Prime Minister Narendra Modi inaugurated on Saturday a hydroelectric power plant in the state of Jammu and Kashmir, amid protests from neighbor Pakistan which says the project on a river flowing into Pakistan will disrupt water supplies. The 330 megawatt Kishanganga hydropower station, work on which started in 2009, is one of the projects…

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NAB orders inquiry into Nawaz Sharif’s ‘money laundering to India’

Pakistan anti-graft watchdog has ordered an inquiry against former premier Nawaz Sharif for alleged laundering of $4.9 billion to India. The National Accountability Bureau (NAB) said in a statement that the bureau’s chairman, Justice (retd) Javed Iqbal, has ordered the investigation against Sharif and other officials while taking notice of media reports. “According to media…

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Lifted by India, South Asia regains growth lead, still lags on jobs

ISLAMABAD, April 15, 2017 – South Asia is the fastest growing region in the world–according to the latest report by the World Bank.  This is largely driven by India’s growth rebound and is not consistent among countries. Despite accelerating global growth and trade, exports remain weak. Progress on fiscal consolidation is slow, and deficits are…

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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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World Bank: Rs1 trillion needed to make Karachi worthwhile in 10 years

Karachi needs Rs1 trillion over 10 years to make it a worthwhile megacity, said a World Bank report. The report says the city’s ineffective governance system and powerless institutions, at both provincial and local government levels, are hindering its progress. Broken roads and transport system are also obstacles. World Bank found a lack of coordination…

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Very few countries have been as successful as Pakistan in war against terror: COAS

MUNICH: Chief of Army Staff (COAS) General Qamar Javed Bajwa said that very few countries have achieved as much success as Pakistan has in the war against terror. Addressing Munich Security Conference, COAS Bajwa said that the country has been instrumental in the disruption and decimation of Al-Qaeda from Afghanistan and Pakistan. The Army Chief…

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WB to provide $825 mln to improve Pakistan’s power transmission system

ISLAMABAD: The World Bank (WB) approved a package of $825 million on Tuesday to improve the national power transmission system in Pakistan, and enhance health and education service delivery by strengthening financing management and procurement systems. The $425 million National Transmission Modernization Project-I (NTMP-I) will modernize the national transmission system to enable new power generation…

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Urbanisation or agglomeration!

By Ehtesham Anwar As most of the South Asian countries, Pakistan is similarly facing a gigantic challenge to control the mass migration of its population towards ubanisation causing sheer imbalance of the provision of social services being provided to the urban areas that already facing scarcity of resources to fulfill the basic necessities of the…

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World Bank approves $300 million loan for Pakistan

ISLAMABAD: The World Bank has approved a loan of $300 million for Pakistan, SAMAA TV reported on Saturday. According to details, the amount will be spent on agricultural development in Punjab. The project is a part of a larger program to develop and improve the system of agriculture. It is expected that the money received…

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World Bank to support Pakistan’s economic reforms

WASHINGTON: The World Bank said on Monday that it would support Pakistan’s efforts to reduce its risks and achieve its development aspirations through broad economic reforms.  “The statement was made after discussions with a Pakistan delegation that covered a range of topics including the macro-economic outlook, human capital development, renewable energy and private sector development…

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World Bank sets spring 2018 target to enhance financial capacity

WASHINGTON: The World Bank Group is aiming to develop new measures to enhance its financial capacity and have its board decide on them at its next spring meetings in April 2018, a spokesman for the institution said on Saturday, reported Reuters. The World Bank has been seeking a general capital increase for its IBRD lending…

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World Bank: 1.1 bn people ‘invisible’, lacking official identity

GENEVA: Over 1.1 billion people mainly in Asia and Africa lack official proof of identity that would get them access to public health care, education and finance, according to the World Bank. More than a third of these “invisible” people are children, the Bank said in a report issued for its annual meeting in Washington…

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PM seeks support of World Bank for Diamer Bhasha Dam

NEW YORK: Prime Minister Shahid Khaqan Abbasi on Wednesday sought support of the World Bank for Diamer Bhasha Dam and said it was a critical project for the water security needs of the country. “We are prepared to work on some innovative solutions like separating water and power components of the project,” the Prime Minister…

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Pakistan to record highest growth rate in nine years: World Bank Report

ISLAMABAD: Pakistan’s Gross Domestic Product growth in Fiscal Year 2017 is expected to climb to 5.2 percent — the highest in nine years — and the growth rate will continue to accelerate, reaching 5.5 percent in FY18 and 5.8 percent in FY19. Released twice a year, the Pakistan Development Update sets out recent developments across…

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Public sector development spending increases to Rs 800 bln from Rs 348.27 bln

ISLAMABAD: The government, with a focus on increasing public sector development spending, has ensured raise in this domain from Rs 348.27 billion during 2013 to Rs 800 billion in 2017.     A number of massive infrastructure, power and other projects have been initiated which will remain instrumental in attracting private sector investment. Sources at Finance…

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WB offers technical, financial help in renewable energy

ISLAMABAD: President The World Bank (WB) Dr Jim Yong Kim Monday offered The World Bank’s technical and financial help in technological improvements in the renewable energy sector. According to a message from Embassy of Pakistan, he was talking to Finance Minister Senator Mohammad Ishaq Dar who called on him during the spring meetings of The…

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Pakistan economy to grow at 5.2% in 2017: World Bank

WASHINGTON: World Bank said Pakistan’s economy would continue to grow at five point two percent in 2017. In a report, the Bank said that China Pakistan Economic Corridor has supported construction activity, which is expected to stimulate industrial sector growth. It said that advanced economies were recovering and could see faster growth that will likely…

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