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Sunday July 14, 2024

‘Historic’ $2.25bn disbursed during FY2023-24: WB

It was stated in a World Bank’s Country Director letter to Federal Minister for Economic Affairs Ahad Cheema

By Mehtab Haider
July 10, 2024
An undated image of World Bank Headquarters in Washington DC. — AFP/file
An undated image of World Bank Headquarters in Washington DC. — AFP/file

ISLAMABAD: Terming it “unprecedented and historic”, the World Bank said it disbursed $2.25 billion, including policy loan of $350 million during the financial year 2023-24 ended on June 30, 2024.

It was stated in a World Bank’s Country Director Najy Benhassine’s letter to Federal Minister for Economic Affairs Ahad Cheema and other high-ups of the ministry.

Najy Benhassine expressed appreciation for minister’s support, as well as efforts of Federal Secretary Kazim Niaz and his team in achieving a record disbursement and much improved execution of WB-supported portfolio in FY24.

He stated the Bank-supported portfolio in Pakistan has disbursed $2.25 billion, including $350 million from the Second Resilient Institutions for Sustainable Economy (RISE-II) Development Policy Financing. “This has been the highest disbursement historically and reflective of important and much-needed results on the ground,” he said.

Not counting RISE-II budget support or emergency cash transfers disbursed after 2022 floods, disbursements of standard IPF and P4R portfolio in FY24 have even exceeded those of FY23, which was already a record year, the letter said.

He commended the entire team at Ministry of Economic Affairs and the ministries, departments concerned and the agencies for their dedication in achieving these milestones. “I look forward to a successful collaboration in FY25 to support continued progress under your guidance,” he concluded. Top official sources said WB’s appreciation matters a lot. There is also need to undertake impact assessment of donor-funded projects to ascertain benefits as result of utilized funds, sources said. Has EAD done any impact assessments of any donor-funded project in last five years, they asked. “If answer is yes, it should be shared with the masses, and if no, there is need to undertake studies to ascertain effectiveness of utilized funds”, the sources said.