Thursday, May 24, 2007
Economic reform plan: World Bank lends $350m to Pakistan
By Khalid Hasan
WASHINGTON: The World Bank approved on Tuesday a $350 million credit to support the Pakistanâs medium-term reform programme, which aims to promote sustained, rapid economic growth as its main vehicle for poverty reduction.
According to a bank announcement, the Second Poverty Reduction Support Credit (PRSC II), which supports the governmentâs Poverty Reduction Strategy Paper, will finance reforms designed to maintain macroeconomic stability, improve management and effectiveness of public expenditures, and assist power sector reforms. It will also support the privatisation programme, improve the regulatory framework for competition, and enhance female labour force participation and labour market flexibility.
The bank said over the last six years, Pakistan has emerged as one of the fastest growing economies in Asia, with rising per capita income, and improving social indicators. Growth has averaged seven percent between 2003-2004 and 2005-2006, and the poverty head count ratio has fallen significantly in recent years.
The country has also made impressive strides in deregulating its economy to increase competition and reduce cost of doing business, and implementing structural reforms, particularly in the power sector. âEconomic reforms are now contributing to increased investor interest from Pakistanis and foreign investors alike,â according to Yusupha Crookes, Country Director for Pakistan. âThe ongoing reform programme supported by this project will contribute to sustaining rapid growth. We hope this, along with policy reforms and public investments to increase poor peopleâs participation in the economy, will accelerate the countryâs progress towards reaching the Millennium Development Goals.â
âThe PRSC supports the poorest and most vulnerable segments of the population through targeted programmes aimed at addressing poverty and vulnerability directly,â said Zahid Hasnain, World Bank senior economist and project co-task team leader. â It will also support efforts of provincial governments in improving the quality and access of underserved populations to health and education services.â
http://www.dailytimes.com.pk/default.asp?page=2007\05\24\story_24-5-2007_pg5_7
Economic reform plan: World Bank lends $350m to Pakistan
By Khalid Hasan
WASHINGTON: The World Bank approved on Tuesday a $350 million credit to support the Pakistanâs medium-term reform programme, which aims to promote sustained, rapid economic growth as its main vehicle for poverty reduction.
According to a bank announcement, the Second Poverty Reduction Support Credit (PRSC II), which supports the governmentâs Poverty Reduction Strategy Paper, will finance reforms designed to maintain macroeconomic stability, improve management and effectiveness of public expenditures, and assist power sector reforms. It will also support the privatisation programme, improve the regulatory framework for competition, and enhance female labour force participation and labour market flexibility.
The bank said over the last six years, Pakistan has emerged as one of the fastest growing economies in Asia, with rising per capita income, and improving social indicators. Growth has averaged seven percent between 2003-2004 and 2005-2006, and the poverty head count ratio has fallen significantly in recent years.
The country has also made impressive strides in deregulating its economy to increase competition and reduce cost of doing business, and implementing structural reforms, particularly in the power sector. âEconomic reforms are now contributing to increased investor interest from Pakistanis and foreign investors alike,â according to Yusupha Crookes, Country Director for Pakistan. âThe ongoing reform programme supported by this project will contribute to sustaining rapid growth. We hope this, along with policy reforms and public investments to increase poor peopleâs participation in the economy, will accelerate the countryâs progress towards reaching the Millennium Development Goals.â
âThe PRSC supports the poorest and most vulnerable segments of the population through targeted programmes aimed at addressing poverty and vulnerability directly,â said Zahid Hasnain, World Bank senior economist and project co-task team leader. â It will also support efforts of provincial governments in improving the quality and access of underserved populations to health and education services.â
http://www.dailytimes.com.pk/default.asp?page=2007\05\24\story_24-5-2007_pg5_7
