The World Bank has allocated an unprecedented amount of $1.8 billion for Pakistan's development projects, mainly in energy sector, in the current year, Finance Minister Finance Minister Dr Abdul Hafeez Shaikh was quoted as saying on Sunday. He was speaking after holding a meeting with Vice-President of the World Bank Isabel Guerrero, a press release said.
Pakistan's ambassador to the United States Sherry Rehman also attended the meeting, which took place during the IMF-World Bank annual spring gathering of economic leaders from around the world.
The World Bank also agreed to assist in financing Dasu dam, to be built in the Kohistan area on the Indus River with a 1,500-megawatt generation capacity. The World Bank Board has already approved power generation enhancement project.
"This is a big sign of confidence in Pakistan's ability to accomplish development for its people that the World Bank is allocating unprecedented amount in one year," Dr Shaikh said.
The amount follows last year's $1.2 billion assistance and will be spent on upgradation and completion of development projects in energy and water sectors as well as infrastructure, social and reforms programmes.
The World Bank's vice-president appreciated Pakistan's economic performance in "these difficult times of global economic and regional challenges", the finance minister quoted him as saying.
Expressing satisfaction with Islamabad's measures to enhance its revenue generation (which increased by 25 percent over the past nine months), the bank's vice-president said that the country was showing continuing strong performance of external sector, both exports and remittances, and a healthy 4 percent GDP growth was expected this year.
Dr Shaikh acknowledged the World Bank's sustained co-operation with Pakistan, calling the financial institution a reliable development partner of Pakistan. He particularly thanked Vice President Isabel Guerrero's leadership and the dedication of World Bank Pakistan country team headed by Executive Director Javed Talat.
Pakistan's ambassador to the United States Sherry Rehman said it is heartening to see the international financial institutions' expression of faith in Pakistan's commitment to development.
"This signifies the both the international community and the financial institutions have a growing confidence in Pakistan's dedication and ability to realise development for its people," she said.
The meeting was also attended by top Pakistani economic managers, including Secretary Finance Abdul Wajid Rana, Secretary Economic Affairs Division Dr Waqar Masood, Governor State Bank Yaseen Anwar, Deputy Chairman of the Planning Commission Dr Nadeem, Economic Minister at the Pakistani embassy in Washington Mohsin Mushtaq Chandana, Executive Director for Pakistan at the World Bank Talat Javed and Pakistan Director for IMF Saleem Sethi.-PR