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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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World Bank country Director calls on Dar

ISLAMABAD: Country Director World Bank, Patchamuthu Illangovan, along with his team, Saturday called on the Federal Finance Minister Senator Muhammad Ishaq Dar here at the Ministry of Finance. Finance Minister’s schedule of engagements during his forthcoming visit to Washington for participation in the IMF and the World Bank Spring meetings was discussed, said a press…

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World Bank approves $450m to help vulnerable people in Pakistan

ISLAMABAD: The World Bank has approved a package worth 450 million dollars to support the government efforts help poorest and most vulnerable people in Pakistan. The program aims to raise financial access throughout Pakistan to fifty percent of adults, including twenty-five percent women by 2020. Similarly, in the next three years, it aims to boost…

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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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WB team visits Church Mission School in Karachi

KARACHI: A high level World Bank delegation visited Church Mission School (CMS) Government Higher Secondary School here on Saturday. The delegation was briefed on the implementation of ongoing education reforms that Government of Sindh was implementing in the province with the support of WB. An official of the Sindh Education Department said that the team…

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WB delegation discusses Indus Waters Treaty with Ishaq Dar

ISLAMABAD: Federal Finance Minister Ishaq Dar said all macro-economic indicators show that Pakistan is on a rising growth trajectory. He said this while talking to delegation of World Bank led by Chief Executive Officer of World Bank Group Kristalina Georgieva in Islamabad. Finance Minister Ishaq Dar told the delegation about the economic progress and other…

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World Bank CEO to discuss Indus Waters Treaty in Pakistan today

WASHINGTON: The newly appointed Chief Executive Officer of the World Bank, Kristalina Georgieva, will hold discussion on the Indus Waters Treaty with Pakistani and Indian officials during her first country visits to South Asia beginning today (Thursday). Georgieva will be in Pakistan on Thursday on the first leg, and will visit India in the coming…

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