WB approves much-awaited $350m loan programme

ISLAMABAD: The World Bank Tuesday approved the much-awaited program loan of $350 million under the RISE-II programme.

The bank’s board of directors granted unanimous approval of the program loan of $350 million in its meeting held in Washington, DC. Pakistan has implemented all the agreed reforms after which the bank granted its approval for the programme loan.

Now the AIIB is also expected to approve the co-financing of $200 million loan programme on Wednesday today). Earlier, the ADB approved the DRM programme loan recently. The IMF’s board is now going to consider Pakistan’s request for approval of a second tranche of $700 million on January 11, 2024. After striking the staff level agreement with the IMF, it was expected that the programme loans from other IFIs would resume.