ISLAMABAD: Pakistan will receive $500 million as co-financing for the BRACE development program from the Asian Infrastructure Investment Bank (AIIB), the finance minister Ishaq Dar said on Wednesday.
The BRACE (Building Resilience with Active Counteryclical Expenditures Program) is an Asian Development Bank financing programme to counter the social fallouts of economic crisis.
“These funds will be received by State Bank of Pakistan within November 2022,” Dar said on his Twitter account.—Reuters
APP adds: Regional Director South Asia Infrastructure World Bank Guangzhe Chen Wednesday called on Minister for Finance and Revenue Senator Mohammad Ishaq Dar.
Country Director World Bank Najy Benhassine, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Secretary Finance and other senior officers of Finance Division attended the meeting, said a press release.
The minister highlighted the current economic outlook of Pakistan’s economy and apprised the delegation of various policy measures being undertaken by the present government to ensure the sustainable and inclusive economic growth and development by enhancing ease of doing business, encouraging exports and facilitating various sectors of the economy.
Forex boost: SBP receives $1.5bn from ADB, says Dar
Ishaq Dar commended the developmental role of the World Bank in Pakistan and further added that Pakistan values the financial and technical assistance provided by the World Bank for the institutional reforms and economic development of the country.
He assured the delegation that every possible support will be provided by the current government for the current projects being undertaken by the World Bank in Pakistan and thanked the delegation for their persistence contribution in the economic development of Pakistan.
Guangzhe Chen appreciated and congratulated government of Pakistan for successfully completing the fiscal reform program–RISE.
He briefed the Finance Minister about the various other programmes being undertaken by the World Bank in the country in line with the vision of the government of Pakistan. He further highlighted the support by the World Bank for relief and rehabilitation work in flood affected areas.