world bank

PESHAWAR, May 2: The World Bank has approved 1200 billion rupees budgetary support for Pakistan.

An official statement says the budgetary support will be received by next week. Federal Minister for Finance Ishaq Dar said the loan would be provided on the basis of five-year time scale to return it back.

Of the loan, 1100 billion rupees would be utilised on development sector while the remaining 100 billion rupees would be utilised to handle energy crisis and tax collection system.

The finance minister said the World Bank had agreed to provide loan to Pakistan on lenient conditions.

The World Bank Managing Director, Mulyani Indrawati, said yesterday that the Bank would release 100 billion rupees to Pakistan by June.

According to a report by a Pakistani media organisation, the World Bank has also okayed a five-year country partnership strategy paper for Pakistan, under which the country will get 11 billion US dollars from 2014-12019.