Pakistan and World Bank (WB) has reached a loan agreement worth $304 million, which will be utilized for the Punjab Resource Improvement and Digital Effectiveness Program (PRIDE).

Minister for Economic Affairs, Makhdum Khusro Bakhtyar witnessed the signing ceremony of loan agreement of PRIDE worth $ 304mn with the World Bank.

The program aims to help the Government of Punjab to increase its own source revenue; and to improve reliability of resource allocation and access to digital services for people and firms in the Province.

The program interventions would primarily address three challenging areas of fiscal risk management, revenue mobilization and expenditure management through better use of information systems. Improved Public Resources Management is expected to create additional fiscal space of PKR 274 billion by end of financial year 2025 thereby creating enough space for Government of Punjab to scale-up its spending on public service and infrastructure to foster rapid growth in the Province.

Mr. Noor Ahmed, Secretary, Ministry of Economic Affairs signed the loan agreement on behalf of the Government of Pakistan while the representative of Government of Punjab signed the operational agreement. Mr. Najy Benhassine, Country Director, World Bank signed the program agreements on behalf of the World Bank.

On the occasion, the Minister for Economic Affairs reiterated commitment of his government to improve fiscal management by augmentation of domestic revenues and to enhance spending on pro-people development initiatives.

The Minister lauded strategy of the Punjab Government in this respect.