World Bank provides an additional $304 million loan for development of Punjab

Written by Talha Ikram ·  44 sec read >

The World Bank (WB) has just approved a loan of $304 million for the Punjab Resource Improvement and Digital Effectiveness Programme (PRIDE) in a signing ceremony. The program is meant to help the Government of Punjab improve its resource allocation, increase its revenue, and provide digital access to people and firms in the province.

The Minister for Economic Affairs Makhdoom Khusro Bakhtiar said at the occasion that the government is committed to improving fiscal management by augmenting domestic revenues and enhancing spending on pro-people development initiatives. He also lauded the Punjab government for its initiatives and thanked the World Bank for providing Pakistan with continuous support so that the country may achieve sustainable economic development.

The World Bank country director, Najy Benhassine also assured the government of Pakistan that they would continue to provide them with the support it needs to achieve its development objectives.

The program is intended to address three areas of Punjab. The three areas are financial risk management, revenue mobilization, and expenditure management through the use of digital systems. The program is expected to create an additional revenue of PKR 274 billion by the end of Fiscal Year 2025. It seems that the government is continuing to take on more and more loans.

Image Source: Modern Diplomacy