PESHAWAR: Pakistan and World Bank Friday signed the financing agreement for different development projects in Khyber Pakhtunkhwa worth $400 million.

Federal Minister for Economic Affairs Omar Ayub Khan witnessed the signing ceremony of loan agreement of “Khyber Pakhtunkhwa Spending Effectively for Enhanced Development (SPEED) Program” with the World Bank at the Ministry of Economic Affairs, Islamabad, says a press release.

The program aims to support the KP government in improving availability and management of public resources for delivery of primary, middle and high school education and primary health services. The objectives of the program will be achieved by introducing medium-term perspective to fiscal planning and budgeting to create fiscal space, providing adequate and predictable funding, and provision of adequate staffing and facilities for health and education service delivery.

The improved management of public finances for delivery of education and health services will be ensured through delegation of greater financial management authorities to line departments and facility levels, rolling out integrated financial management information systems; and modernisation of procurement processes.

Omar Ayub Khan reiterated the parameters of valued partnership with the World Bank, stating that the event was a reflection of continued confidence by the international financial institutions on the government’s policy and program. He reiterated the commitment of federal government to extend all possible support to the provincial governments in their efforts to restore human capital by addressing setbacks to health, education, employment, and building resilient service delivery system and promoting economic opportunities to ensure inclusive and sustainable economic growth in the country.

Country Director World Bank Najy Benhassine assured the Bank’s continuous financial and technical support to Pakistan in achieving the priority development objectives and to promote inclusive and sustainable economic growth in the country.

Omar Ayub also chaired a meeting on foreign-funded projects of the KP government and reviewed progress of ongoing portfolio. The minister emphasised to remove all the bottlenecks and expedite implementation of the projects on fast track basis.

He directed to review progress of the projects on monthly basis in order to ensure smooth and timely completion of the projects. The meeting was attended by all the senior officials of the Economic Affairs Division.


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