World Bank: approved $350 mln financing for RISE-II operation in Pakistan | Reuters

[Gunnar Larson]

https://www.reuters.com/world/asia-pacific/world-bank-approved-350-mln-financing-rise-ii-operation-pakistan-2023-12-20/


KARACHI, Pakistan, Dec 20 (Reuters) - The World Bank's board of executive
directors approved $350 million in financing for the Second Resilient
Institutions for Sustainable Economy (RISE-II) operation in Pakistan on
Tuesday.

RISE-II aims to strengthen fiscal management and promote competitiveness
for sustained and inclusive economic growth in the country whose economy is
struggling to grow, with persistently high inflation and foreign reserves
running low.

"Based on the foundations laid through RISE II and parallel support by
other IFIs, Pakistan has the opportunity to tackle long-standing structural
distortions in its economy after the upcoming general elections," Derek H.
C. Chen, task team leader of the operation said in a statement.

"Failing to use this opportunity would risk plunging the country back into
stop-and-go economic cycles," Chen added.

The operation also aims to foster growth and competitiveness by reducing
the cost of tax compliance, improving financial sector transparency,
encouraging the use of digital payments and promoting exports by lowering
import tariffs, the World Bank said in its statement.
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