Tag: World Bank

Reducing Distortions in the Allocation of Resources and Talents a Must to Sustain Stronger Growth in Pakistan

Islamabad, February 10, 2023 (PPI-OT):Pakistan’s economy can grow sustainably only if the country introduces productivity enhancing reforms that facilitate a better allocation of resources into more dynamic activities, and of talent to more productive uses, according to a new World Bank report. The report, From Swimming in Sand to High and Sustainable Growth, finds that the country’s inability to allocate all its talent and resources to the most productive uses has stunted economic growth. It presents evidence of systematic productivity stagnation across firms and farms. In manufacturing and services, most of the productivity stagnation is related to firms losing efficiency

World Bank approves $1.69 billion financing for Pakistan’s flood rehabilitation efforts 

Islamabad, December 20, 2022 (PPI-OT):The World Bank’s Board of Executive Directors approved $1.692 billion in financing on Monday, for five projects to support people living in flood-affected areas of Sindh Province in Pakistan. In a statement on Tuesday, the World Bank said that three projects support rehabilitation and housing reconstruction and the restoration of crop production for vulnerable communities, while another two projects support health services for mothers and children. “Sindh was the province worst-affected by the 2022 floods. There were huge damages to the housing, health, and agriculture sectors and people lost their livelihoods. Beyond the rehabilitation and reconstruction

Workshop on tourism development, destination management held 

Islamabad, December 15, 2022 (PPI-OT):Destination Investment and Management Plans (DIMPs) and Visitor Management Plans (VMPs) for three tourist destinations (Kalam, Kumrat, and Chitral) of Khyber Pakhtunkhwa (KP) were launched here on Thursday. The DIMPs and VMPs promote responsible tourism by suggesting diversity and quality in the tourism offering of these destinations and providing guidance for tourist planning and destination management. DIMPs and VMPs were prepared by the KP’s Department of Tourism (DoT) through KITE project with the support of international experts in one year. The speakers shared the opportunities for public and private sector investments with the participants. They informed

World Bank Resumes Processes Under the Indus Waters Treaty 

Washington D.C., April 06, 2022 (PPI-OT):In line with its responsibilities under the Indus Waters Treaty, the World Bank today announced its decision to resume the two separate processes requested by India and Pakistan in relation to the Kishenganga and Ratle hydroelectric power plants. The decision was formally communicated in letters to India and Pakistan. The two countries disagree over whether the technical design features of these two hydroelectric plants contravene the Treaty. Pakistan asked the World Bank to facilitate setting up a Court of Arbitration to consider its concerns about the designs of the two hydroelectric power projects, while India

Pakistan Making Shift to Clean Power Production and Lower Energy Costs with World Bank Support

Washington, September 24, 2020 (PPI-OT): Today, the World Bank’s Board of Executive Directors approved $450 million in financing to support Pakistan’s transition to renewable energy resources that reduce its reliance on fossil fuel imports and lower costs of electricity production. The Khyber Pakhtunkhwa Hydropower and Renewable Energy Development Project will help shift the national energy mix to domestic clean resources by investing in renewable energy generation, including hydropower and solar, in Khyber Pakhtunkhwa province. It will also help strengthen energy sector institutions to better manage a growing portfolio of renewable energy projects across the province. “This project supports Pakistan’s goal

World Bank Announces New Country Director for Pakistan

Islamabad, August 03, 2020 (PPI-OT): Mr. Najy Benhassine is the World Bank’s new Country Director for Pakistan effective August 1. He succeeds Mr. Illango Patchamuthu, who completed his term on July 31. Mr. Benhassine most recently served as Regional Director for Equitable Growth, Finance and Institutions in the Middle East and North Africa. Prior to this, he was Director for the Finance, Competitiveness and Innovation Global Practice. Since joining the World Bank in 2001, he has worked extensively on economic development, finance, private sector development and impact evaluations. Mr. Benhassine’s appointment comes at a time when the government of Pakistan

Pakistan Undertakes Reforms to Bolster Fiscal Resilience and COVID-19 Recovery

Washington, June 30, 2020 (PPI-OT): The World Bank’s Board of Executive Directors approved today $500 million in financing for the Resilient Institutions for Sustainable Economy program (RISE) to help Pakistan strengthen fiscal management, promote transparency and private sector growth, and undertake foundational reforms in the energy sector to transition to low-carbon energy. These reforms are critical to build fiscal resilience and stimulate recovery from impacts of the COVID-19 pandemic. “Pakistan is suffering a significant fiscal shock from the economic fallout from the pandemic and the increased spending on crisis response, including emergency healthcare, social protection, and business support,” said Illango

South Asia Ramps up Eco-Innovation to Curb Marine Plastic Pollution

Washington, June 09, 2020 (PPI-OT): The World Bank, Parley for the Oceans, and the South Asia Cooperative Environment Programme (SACEP) launched today, on World Oceans Day, a $50 million regional project to help South Asia curb its marine plastic pollution and ramp up eco-innovation to reinvent plastic use and production. The agreement was signed virtually by Dr. Abas Basir, Director General of SACEP, Cyrill Gutsch, Founder and CEO of Parley, and Hartwig Schafer, World Bank Vice President for South Asia. The Plastic Free Rivers and Seas for South Asia project will help coordinate action and facilitate the region’s transition to

World Bank signs financing agreement worth US$ 200mln with Pakistan for Covid-19 pandemic response

Islamabad, April 03, 2020 (PPI-OT): Federal Minister for Economic Affairs, Muhammad Hammad Azhar witnessed the signing ceremony through video link for Project “Pandemic Response Effectiveness in Pakistan” worth US$ 200 million with the World Bank (WB) held here at Economic Affairs Division on Friday.   Dr Syed Pervaiz Abbas, Federal Secretary of Economic Affairs Division signed the financing agreement on behalf of Government of Pakistan while Provincial project agreements were signed by the designated officers of provincial governments, says a statement issued here on Friday.   Mr Patchamuthu Illangovan, Country Director signed the agreements on behalf of World Bank. The