World Bank ap­proves....

Pakistan Observer - - IN­TER­NA­TIONAL -

enue mo­bi­liza­tion and draw­ing in the pri­vate sec­tor for spurring growth”, said Philippe H. Le Houerou, Vice Pres­i­dent of World Bank Group’s South Asia Re­gion.

“Stay­ing on the struc­tural re­form path is im­por­tant for com­pet­i­tive­ness of the econ­omy, which in turn is es­sen­tial for cre­at­ing jobs and lift­ing mil­lions out of poverty in Pak­istan.” he added.

The Power Sec­tor Re­form DPC of US$ 600 mil­lion ( with ad­di­tional co- fi­nanc­ing sup­port of the Asian Devel­op­ment Bank and Ja­pan) sup­ports Pak­istan’s goal of de­vel­op­ing an ef­fi­cient and con­sumeror­i­ented elec­tric power sys­tem that meets the needs of its peo­ple and econ­omy, sus­tain­able and af­ford­ably.

The Power DPC fo­cuses par­tic­u­larly on pol­icy and in­sti­tu­tional ac­tions that will im­prove fi­nan­cial vi­a­bil­ity and thus re­duce the bur­den of pub­lic fi­nanc­ing for the sec­tor. The Power DPC is struc­tured around three ob­jec­tives: tar­get­ing power sub­si­dies to the poor­est and im­prov­ing tar­iff pol­icy; im­prov­ing sec­tor per­for­mance and open­ing the mar­ket to pri­vate par­tic­i­pa­tion; and en­sur­ing ac­count­abil­ity and trans­parency.

The Fis­cally Sus­tain­able and In­clu­sive Growth DPC of US$ 400 mil­lion, sup­ports Pak­istan’s goal of ac­cel­er­at­ing growth to help cre­ate jobs and eco­nomic op­por­tu­nity for all. The main devel­op­ment ob­jec­tives of the credit are to in­crease pri­vate and fi­nan­cial sec­tor devel­op­ment, im­prove the busi­ness en­vi­ron­ment, fa­cil­i­tate trade and pro­mote fi­nan­cial in­clu­sion, en­hance rev­enue to cre­ate fis­cal space for ex­pand­ing so­cial pro­tec­tion for the poor.

The two cred­its are fi­nanced from the In­ter­na­tional Devel­op­ment As­so­ci­a­tion ( IDA), and will be on stan­dard IDA terms, with a ma­tu­rity of 25 years, in­clud­ing a grace pe­riod of 5 years.— APP

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