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Spend less on defence and more on human development, World Bank tells Pakistan

Proposes to more than double the spending on education and health, reduce fertility rate by half

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World Bank to reform KMC, revamp KWSB as part of three $2b Karachi projects

It will also take over construction of the Yellow Line BRT

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AIIB considering $260m for Karachi BRT, KWSB

Bank believes it can help during macroeconomic uncertainty

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Will new Asian infrastructure bank put $1b into Pakistan?

Projects may be in Karachi, Rawalpindi, and Lahore

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World Bank President Jim Yong Kim announces resignation

He has stepped down more than three years before his current term was due to expire

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Foreign reserves go up as Pakistan receives $1b from Saudi Arabia

The last aid installment is expected to arrive next month

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IMF warns of ‘somewhat’ greater global financial risk

Risks could be produced by sudden tightening of conditions

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World Bank to help Gap clothing suppliers in Pakistan save water, energy

Development comes at a time when Pakistan’s energy needs are growing

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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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