ISLAMABAD: The World Bank has approved a loan of 350 million dollars for Pakistan.
According to the World Bank, the loan for Pakistan has been approved under the Rise to Program, which aims to promote Pakistani financial management, competitiveness for sustainable and inclusive economic growth. Pakistan needs urgent financial reforms. After the elections, Pakistan has an opportunity to resolve the long-standing structural problems, which if missed, there is a fear that Pakistan will get into economic problems again.
Under the program, coordination of Pakistan’s financial policy and transparency in loans will be brought. Strengthening taxes in the property sector is part of the plan. The World Bank says tax laws will reduce implementation costs and encourage digital payments. Exports will be boosted by reducing import tariffs.
World Bank Country Director Naji bin Hussain says the Rise to Program completes the first phase of tax, energy, business and climate reforms. This program is designed to increase revenues. Apart from this, it is also designed to improve the expenditure target, competition, investment promotion. The program will also help in better management of Pakistan’s power sector.
