Pakistan to get $2bn funds in flood support from World Bank

• Around $1.5bn funds would be mobilised this year.
• Ishaq Dar briefs Najy Benhassine about economic challenges.
• Pakistan seeks funding following climate-induced catastrophe.

ISLAMABAD: World Bank Saturday announced the allocation of $2 billion in funds from existing projects for emergency operations in flood-affected areas to support Pakistan as the cash-strapped nation seeks funding following the climate-induced catastrophe.

Bank’s Country Director Najy Benhassine, during a meeting with Finance Minister Ishaq Dar, informed him that around $1.5 billion in funds would be mobilised this year due to an emergency situation.

The floods caused by abnormal monsoon rains and glacial melt have submerged huge swathes of the South Asian country and killed nearly 1,700 people, the majority of them children and women.

The finance minister briefed Benhassine about the economic challenges that the country is currently facing. He said that the present government is cognizant of these issues and is taking pragmatic steps to resolve bottlenecks to growth.

“The present government is committed to setting the economy on a sustainable and inclusive growth path,” Dar told the World Bank official according to a statement issued by the Finance Division.

During the meeting, Dar appreciated the World Bank for being a source of support in pursuing reform agenda and implementing various development projects for the country.

He further said that Pakistan values the financial and technical support provided by the World Bank for the institutional reforms and economic development of the country. 

Earlier this week, the Asian Development Bank (ADB) announced providing flood-relief support of $2.3-2.5 billion to Pakistan.

The announcement came during Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar's meeting with a delegation of ADB, headed by its country director Yong Ye.