Pakistan has officially signed a loan agreement with World Bank under which, 918 million USD would be granted for multiple sectors to aid the economic crisis. Finance Adviser Abdul Hafeez Sheikh witnessed the ceremony as the Country Director of WB Patchamuthu Illangovan and Secretary for Economic Affairs Noor Ahmed signed the agreement.
The total loan obtained under the agreement would be used for the development of three major sectors.
400 million USD would be used to expand the tax base of the country to enhance the revenue collection. It would also target to improve internal operations and policies for effective control and compliance. With the said aid, the GDP ratio is expected to hit 17%.
Other 400 million USD is targeted for Higher Education Development. The funds will be utilized towards supporting scholarly magnificence in key areas. Close by improved administration, the plan means to furnish understudies and foundations with present-day innovation, data frameworks, and information-driven administrations, capacity building, project management, checking and assessment.
The remaining 118 million USD would be granted to Khyber Pakhtunkhwa for improved revenue collection and public resource management projects. The program will help the local government to assemble its very own source income to think of the proficient and vital utilization of the region’s money related assets.
The delegates of the Higher Education Commission (HEC) and Government of Khyber Pakhtunkhwa consented to their individual venture arrangements.
Later the agreement, Finance Adviser showed his gratitude to Illangovan for their continuous support and keeping the promise of their CEO for strengthened cooperation with Pakistan, made in April this year. Kristalina Georgieva, CEO of World Bank showed his assurance for such support in a meeting with Prime Minister Imran Khan when they met on the sidelines of the second Belt and Road Forum (BRF) in Beijing, China.