Pakistan to seek $42m loan from WB: Strategy to eradicate poverty okayed

ISLAMABAD: A meeting of the Economic Advisory Council (EAC) on Sunday gave approval to seek a loan of $42 million from the World Bank for the poverty eradication programme announced by Prime Minister Imran Khan.

The meeting, held at Bani Gala, was chaired by the PM and attended by Finance Minister Asad Umar and other ministers and senior government officials, a press release stated. Sources said Rs 5 billion would be released from the national development fund for the Naya Pakistan Housing Scheme. A formal announcement on these decisions would be made on December 29 as part of the government's 100-day plan. The prime minister also approved a social protection framework to ensure vulnerable segments of the society are protected.

The social protection framework aims at overcoming the challenges of poverty, health, stunted growth, education and enabling the youth realise their potential and extricate themselves out of generational poverty traps.

"The finalisation of these policies is for laying the foundation of a sustainable, inclusive, job creating and export-oriented economic growth strategy as part of the government's 100-day plan," according to the press release. The prime minister was also briefed on talks held between Pakistan and the IMF.