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Pakistan receives $397 million loan from the World Bank

ISLAMABAD: The World Bank (WB) on Wednesday approved a budgetary support loan of $397 million for Pakistan, financing schemes on clean energy.

Federal Minister for Economic Affairs Omar Ayub praised the World Bank’s supply of funds, saying it was laudable, and that the loan was a testament to the government’s economic reform efforts.

He said, “It is evident that the World Bank and the world community recognised Pakistan’s economic changes.”

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Pakistan has accomplished six stages to lower its revolving credit, according to the minister, adding that in order to do so, the cost of electricity generation has been cut, as well as changes in the energy mix.

He claimed that the money provided by the WB will also help strengthen the rupee.

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