Pakistan will get US $ 1.4 bn today, Haqqani meets WB VP
WASHINGTON: Pakistan will receive US $ 1.4 billion by Tuesday including US $ 500 million interest?free credit loan from the World Bank (WB) for Poverty Reduction and Economic Support Program and $ 840 million from the IMF following successful first review of the Stand By Arrangements signed last November 2008 meeting all the targets.
This is an encouraging sign for economic stabilization efforts of the Government and reflect increasing confidence of the international institutions. The transfer will bolster Pakistan’s foreign exchange reserves and help Pakistan in having its credit rating revised upward by as well as enhancing investors’ confidence both at home and internationally.
In this regard, Ambassador Husain Haqqani had an extensive meeting with World Bank Vice President Ms Isabelle Gueroro in Washington, Monday and appreciated WB’s support to Pakistan’s endeavors in economic stabilization and early recovery. The World Bank Vice president assured Ambassador Haqqani of the Bank’s continued support.
The targeted project under Wrold Bank credit? Poverty Reduction and Economic Support Operation seeks to benefit the poor people, reforming the tax administration and is also expected to strengthen Pakistan’s competitiveness.-APP
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