Pakistan will sign a $100 million loan agreement with the World Bank (WB) for "Second Punjab Education Development Policy Credit" here on Thursday. Well-informed sources told Business Recorder on Wednesday that the Bank had approved the project on July 1, whereas formal signing of the agreement would be held on July 14.
The objective of this project is to support Punjab government in improving fiscal management and service delivery starting with education.
The sources said that the Second Education Sector Development Policy Credit Project - Punjab would support public finance reforms to increase public spending for education (and other pro-poor services). It will also ensure fiscal sustainability and reforms to strengthen devolution and improve governance as well as education sector reforms.
They said that the project was planned to be financed through International Development Association (IDA) and its maturity period would be 35 years with a grace period of 10 years. The implementing agency of the project would be the Government of Punjab, they added.
The sources also said that the World Bank's programme document of the first Punjab Education Sector Adjustment Credit (PESAC) evaluated the three-year Punjab Education Sector Reform Programme (PESRP). There has been steady progress during the first year of the programme, which was supported through first credit and a number of sector initiatives have shown impact, including promising increases in enrolment.
Before the first credit, the sources said, PESRP was considered a high-benefit, high-risk programme. However, the first year of implementation showed a reduction in risk and higher benefits than anticipated.
They said that given the success of the first year programme, the overall risk rating is moderate for the second year programme. Nevertheless, according to the Bank, there is a need to maintain continued vigilance in case of change in priorities and focus through political pressure, both at the provincial and districts levels.
The sources said that the main benefits would be reversing decline in education indicators, bringing more children into schools up to grade eight (particularly poor children and girls) and providing better quality education.
They said that the programme would contribute to bridge the social gap and help the country in achieving Millennium Development Goals (MDGs) related to poverty reduction and Education for All.
Another indirect, but important benefit is that the programme is strengthening decentralisation by increasing the role of districts and promoting accountability between service users (parents and students) and service providers (schools and teachers).
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