$2bn for flood victims from existing financed projects: WB

ISLAMABAD: The World Bank on Saturday assured Finance Minister Ishaq Dar that it would allocate $2 billion funds from existing financed projects for emergency operations in the flood-ravaged areas.

Federal Minister for Finance and Revenue Senator Ishaq Dar held a meeting with the World Bank’s Country Director Najy Benhassine and his team at the Finance Division and shared economic challenges being faced by the country.

He said the government was cognisant of the issues and was taking pragmatic steps to resolve bottlenecks in the growth, adding that it is committed to set the economy on sustainable and inclusive growth path. He also informed the WB’s country director about the devastation caused by the recent floods in the country.

Najy Benhassine extended felicitations to the finance minister on assuming the charge of the office and briefed him on existing programmes and future cooperation of the World Bank for Pakistan. He informed the finance minister that the Bank would allocate $2 billion funds from the existing financed projects for emergency operations in the flood-affected areas to support Pakistan. He further informed that around $1.5 billion funds would be mobilised this year due to the emergency situation.

Finance Minister Ishaq 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.

The finance minister assured Najy Benhassine and his team of taking prior actions for timely completion of programmes and thanked them for their continuous support and facilitation.

Sources said the World Bank had not yet made commitment for additional funding for the flood-affected areas and so far conveyed repurpose of existing portfolio.

However, the WB’s country director in Pakistan informed the journalists few days back that they would make request to the Board for allowing IDA funding in advance in order to meet pressing requirements of Pakistan in the aftermath of flood situation. But so far no additional funding could be materialised, they added.