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World Bank delays approval of $1.1bn for Pakistan

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ISLAMABAD, JAN 19 (FD):  The World Bank has delayed the approval of two loans for Pakistan worth $1.1 billion until the next fiscal year pending some steps on the country’s energy debt and tariffs, a finance ministry source told Reuters on Wednesday.

The approval of the loans have been pending since June, said the source, declining to be named as they were not authorised to talk to the media. Pakistan’s next fiscal year starts in April.

“The major issue is the circular debt management plan in the energy sector and tariff revision,” said the source.

“These actions are pending on our side.” The World Bank and the finance ministry did not immediately respond to requests for comment.

Pakistan is still reeling from devastating floods that have led to losses of more than $30 billion.

Foreign exchange reserves held by the State Bank of Pakistan fell to $4.3bn earlier this month, barely enough for three weeks of imports.

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  • FD News

    Financial Daily (FD) is an emerging media outlet providing news reports, analysis and features especially related to politics and economy. FD is currently one of the largest and most comprehensive private-sector information portals in Pakistan, providing its readers with apolitical, unbiased and fact-based news reports and analyses.

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