Pakistan signs $918 million financing agreements with World Bank

[the_ad id=”32940″]ISLAMABAD: Pakistan has signed three major financing agreements worth US $ 918 million with the World Bank. These agreements have become effective immediately.

US $ 400 million is support in the area of revenue mobilization and will help in broadening tax base & institutional transformation of Federal Board of Revenue (FBR).

US $ 400 million is for development of education sector focusing on improving quality of Higher Education in Pakistan.

The third agreement will provide US $ 118 million for provincial revenue mobilization.

“We look forward to signing additional financing agreements for 7 projects worth US$ 1.4 billion by mid July, 2019 after approval by the World Bank Board and ECNEC,” Advisor to Prime Minister Abdul Hafeez Shaikh said in a tweet.

“This support will strengthen the external sector & further build foreign exchange reserves. I appreciate the continued commitment of World Bank to Pakistan’s reforms agenda”.

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