[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Official data from the Economic Affairs Division reveals that Pakistan received $4.4 billion in the fiscal year 2022-23 from the World Bank and Asian Development Bank (ADB), against the budgeted estimate of $5.836 billion, resulting in a shortfall of $1.436 billion.
The government had initially budgeted $3.202 billion from ADB for the fiscal year 2022-23, but the actual amount received was $2.266 billion. Similarly, the budgeted amount of $1.271 billion from the International Bank for Reconstruction and Development (IBRD) was significantly lower than the actual amount received, which was $290.06 million. Additionally, the budgeted amount from the International Development Association (IDA) was $1.363 billion, but the country received a higher sum of $1.807 billion.
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To acknowledge the contributions of relevant officers in the Economic Affairs Division and the esteemed partners, the World Bank and ADB, a special Appreciation Ceremony was hosted by the Ministry of Economic Affairs. During the event, the Minister highlighted the crucial role played by WB and ADB in helping Pakistan address challenges like the 2022 floods, balance of payment issues, and progress in development projects’ implementation.
The Secretary expressed gratitude to WB, ADB, and his dedicated team for supporting Pakistan’s development needs, especially during emergencies. The high level of disbursement was achieved through coordinated efforts and proactive measures by EAD and both banks.
The Country Directors of World Bank and ADB in Pakistan, Najy Benhassine and Mr. Yong Ye, respectively, appreciated the relentless commitment of the Ministry of Economic Affairs’ team and emphasized the harmonious partnership between the organizations.
The event concluded with the Minister presenting appreciation certificates to outstanding team members from ADB, World Bank, and the Ministry of Economic Affairs.[/vc_column_text][/vc_column][/vc_row]
