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World Bank

Aurangzeb departs for US to attend IMF, WB annual meetings

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Aurangzeb

ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has departed for the United States to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank Group. During his visit, the finance minister will represent Pakistan at the plenary sessions of both the IMF and World Bank. Senator Aurangzeb is … Read more

Poverty in Pakistan rises by 7% over three years: World Bank

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World Bank

ISLAMABAD:  Poverty in Pakistan has surged by 7 percent points over the past three years, according to a World Bank report. World Bank Country Director for Pakistan, Bolormaa Amgaabazar, told reporters that the national poverty rate currently stands at 25.3%, compared to 18.3% in 2022. She noted that poverty climbed to 24.8% in 2023-24 before … Read more

WB to lend Pakistan $2b during current fiscal year

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WB

ISLAMABAD: The World Bank (WB) will provide Pakistan with loans exceeding $2 billion during the ongoing fiscal year to support multiple development initiatives. According to the Economic Affairs Division, the financing will be extended through the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD). At present, Pakistan is implementing 57 … Read more

Punjab to receive $47.9m WB grant for out-of-school children

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Punjab

ISLAMABAD: The World Bank has sanctioned $47.9 million in funding for Pakistan aimed at improving education in Punjab and expanding access for children currently out of school. The funding has been sanctioned under the Global Partnership for Education (GPE) Fund. The project is expected to benefit more than 4 million children, including those at the … Read more

Ahad Cheema meets WB executives to strengthen economic ties

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Ahad Cheema

WASHINGTON: Federal Minister for Economic Affairs, Ahad Cheema, held important meetings with senior leadership of the World Bank during his official visit to the United States. The minister met in detail with the World Bank’s Managing Director for Operations, Anna Bjerde, and Vice President for South Asia, Martin Raiser. Ahad Cheema appreciated the growing cooperation … Read more

Punjab Govt to present budget on June 13

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Punjab Govt

LAHORE: The Punjab government has decided to present the provincial budget for the fiscal year 2025–26 on June 13. The decision was made after the federal government finalized its financial targets. Following this, Punjab began giving final shape to its upcoming budget. Sources indicate that the new budget is expected to avoid introducing any new … Read more

Positive view on US Syria sanctions end

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Positive view on US Syria sanctions end

Saudi Arabia welcomes US Syria sanctions lift, UN calls for Gaza ceasefire. Regional issues like Sudan and Yemen were discussed at the Arab League Summit in Baghdad. Saudi Minister Adel al-Jubeir hailed the US decision on Syria sanctions, seeing it as a chance for reconstruction. He urged an immediate Sudan ceasefire at the Arab League … Read more

World Bank President Ajay Banga faces spiritual and political test over Indus Water treaty

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World Bank President Ajay Banga faces spiritual and political test over Indus Water treaty

World Bank President Ajay Banga, a devout Sikh, is facing an unprecedented spiritual and political trial as tensions rise between Pakistan and India over the Indus Waters Treaty. With his religious roots deeply tied to the sacred waters of Punjab and his professional obligations seated in global diplomacy, Banga finds himself at a moral crossroads. … Read more

Aurangzeb showcases Pakistan’s economic reforms

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Aurangzeb

ISLAMABAD: Federal Minister for Finance Senator Muhammad Aurangzeb concluded the fourth day of his visit to Washington, D.C, for the spring meetings of the International Monetary Fund (IMF) and the World Bank with a series of constructive meetings with key financial institutions, rating agencies, and global corporations. The Finance Minister started his engagements by meeting … Read more

IMF cuts Pakistan forecast to 2.6%

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IMF

ISLAMABAD: The International Monetary Fund (IMF) lowered Pakistan’s growth forecast to just 2.6% for the current fiscal year. The IMF released an update to its World Economic Outlook, in which the IMF has further reduced Pakistan economic growth rate estimate for the current this year. The IMF has lowered Pakistani’s economic growth forecast from 3% … Read more

Aurangzeb seeks constructive engagement with US on trade

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Aurangzeb

ISLAMABAD: Federal Minister for Finance Senator Muhammad Aurangzeb discussed economic stability, reforms, investment opportunities, climate challenges, and trade during a series of high-level meetings in Washington. The finance minister is in Washington for the annual spring meetings of the International Monetary Fund (IMF) and the World Bank. The minister participated in the G-24 Finance Ministers … Read more

World Bank approves $102m for Pakistan

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World Bank

ISLAMABAD: The World Bank (WB) has approved a loan of $102 million for Pakistan under its Resilient and Accessible Microfinance (RAM) Project.

“Which aims to enhance access to microcredit and support the resilience of the microfinance sector and its borrowers, particularly in the face of climate-related shocks”.

The money approved by the World Bank for Pakistan will be used for the poor farmers affected by climate change, which will give small loans to those affected by climate change.

The World Bank’s statement said that the purpose of the money is to increase the income of those affected by climate change, the money is part of the World Bank’s 10 -year Country Partnership Program. The project will help increase financial inclusion in small businesses and rural areas.

The World Bank Country Director Najy Benhassine said that microfinance is an important source of financial support to the poor, the project will benefit more than 1.89 million people, including one million women.

According to the World Bank Country Director, 54 projects are underway in Pakistan with the help of the WB. The World Bank’s total investment in Pakistan has reached $15.7 billion.

The project will be implemented by the Ministry of Finance through the State Bank of Pakistan (SBP). It will be the first in a series of interventions to support the sector, to be designed and phased in close partnership with other international financial institutions.

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World Bank team arrives in Pakistan to strengthen economic collaboration

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World Bank team arrives in Pakistan to strengthen economic collaboration

ISLAMABAD: A high-level World Bank (WB) delegation has arrived in Pakistan to discuss development projects, the news channel reported on Monday.  According to sources, the delegation includes Executive Directors. The WB delegation has visited Pakistan to discuss economic development projects and investment opportunities. It will also hold talks on strategies for implementing the recently approved … Read more

PM Shehbaz lauds WB’s role in country’s progress

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PM Shehbaz

ISLAMABAD: Prime Minister Shehbaz Sharif said that with the cooperation of the World Bank (WB), several key development projects were completed in Pakistan, which had been playing a vital role in the country’s progress.

The prime minister expressed these views during a meeting with the delegation of World Bank Executive Directors. He welcomed the delegation on their visit to Pakistan and said the partnership between the WB and Pakistan spanned over seven decades.

“Pakistan has greatly benefited from its partnership with the World Bank,” he said, adding the WB provided substantial assistance to the people affected by the 2022 floods in Pakistan.

The prime minister observed that recent Country Partnership Framework of the World Bank included an investment of $40 billion in Pakistan which was highly encouraging.

With $20 billion allocated for various projects in health, education, youth development, and other social sectors, a new chapter of progress would begin in Pakistan, he added.

The prime minister said that an additional $20 billion investment in Pakistan private sector under the International Finance Corporation (IFC) would accelerate the country’s economic growth.

Appreciating the WB trust in the government’s policies, he said Pakistan’s institutional and economic reform programme was moving rapidly.

“The country’s economy is on the right path and moving towards growth,” the press release quoted the prime minister as saying.

The prime minister observed that Pakistan’s exports and remittances were increasing, adding reduction in interest rates was boosting investment in the production sector,.

He further said that the government was introducing transparency in the system to control corruption.

Digitization remained a priority in the Federal Board of Revenue (FBR) reforms, he reiterated.

“The Special Investment Facilitation Council (SIFC) has created an attractive environment for investment in Pakistan, functioning under a unique system involving all stakeholders,” he added.

The delegation members praised Pakistan’s ongoing reform programme and its effective implementation.

They said under the leadership of Prime Minister Shehbaz Sharif, Pakistan’s journey of economic reforms was progressing fastly .

The delegation also appreciated the government’s reform measures in the energy, industrial and export sectors, privatization, revenue generation, and other key areas.

A nine-member World Bank Executive Directors delegation is currently visiting Pakistan, overseeing portfolios of various countries within the World Bank.

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Khyber Pass Economic Corridor project begins with support of WB  

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Khyber

PESHAWAR: The Khyber Pass Economic Corridor (KPEC) project began to be implemented at a cost of $460 million in collaboration with the World Bank(WB).

The project includes the establishment of a 4 -way expressway and industrial zone from Peshawar to Torkham border. The Khyber Pass Economic Corridor, which connects the entire region through communication transit, is a joint venture of the federal and provincial government.

The Khyber Pass Economic Corridor project was designed in 2024 and its construction work has begun. The World Financial Organization for the plan has approved a $460 million loan.

The project consists of two parts. The first is the construction of the communication system, the roads, while the second part includes industrial zones and its sub -development projects.

$385 million has been allocated for the construction of roads, while $75 million has been allocated for the establishment of an industrial zone.

Deputy Commissioner of Khyber District Bilal Shahid Rao said that a 47 km long four -way expressway is being constructed from Peshawar to Torkham border while the construction of the 55 km long Peshawar Southern Bypass is also part of the project.

The deputy commissioner added that the expressway will be linked to Peshawar Southern Bypass and GT Road.

The second part of the Khyber Pass Economic Corridor project is the establishment of an industrial zone. For which land has been allocated in Jamrud Shaks and Bara and the establishment of an industrial zone is the responsibility of the provincial government and $75 million has been allocated for this.

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World Bank to invest $20bn to address Pakistan’s economic challenges

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World Bank to invest $20bn to address Pakistan's economic challenges

The World Bank has introduced a strategic 10-year Country Partnership Framework for Pakistan, targeting critical socio-economic challenges from 2026 to 2035. World Bank Vice President for South Asia Martin Reiser officially launched the initiative, committing $20 billion in funds to support Pakistan’s development over the next 10 years. This framework sets ambitious goals over the … Read more

PM Shehbaz welcomes WB’s $20b pledge under its CPF

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PM Shehbaz

ISLAMABAD: Prime Minister Shehbaz Sharif welcomed the World Bank’s pledge of $20 billion under its first-ever 10-year Country Partnership Framework (CPF) for Pakistan.

The prime minister, in a social media post on his X timeline, said that while focusing on six key areas, including child nutrition, quality education, clean energy, climate resilience, inclusive development, and private investment, CPF reflected Pakistan’s national priorities, as envisioned in its Home Grown Economic Transformation Plan.

The prime minister deeply appreciated the efforts of the Chief of the Army Staff General Asim Munir and other colleagues who had worked day and night to strengthen Pakistan’s foundation for such transformative partnerships.

“CPF reflects the World Bank’s confidence in Pakistan’s economic resilience and potential. We look forward to strengthening our partnership as we align our efforts for creating lasting opportunities for our people,” he remarked.

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Malala Yousafzai arrives in Pakistan for girl education conference

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Malala Yousafzai

ISLAMABAD: Nobel laureate Malala Yousafzai arrived in Pakistan to participate two-day international conference on girls’ education in Pakistan.

Parliamentary Secretary Education welcomed Malala Yousafzai, world’s youngest Nobel laureate, on her arrival in Pakistan.

During the participation in the conference, Malala Yousafzai will talk about the solutions to the challenges related to women’s education.

On the other hand, the Education Minister of Kyrgyzstan has also reached Pakistan to participate in the 2-day conference.

The conference, titled “Girls’ Education in Muslim Communities: Challenges and Opportunities,” aims to address the obstacles and potential solutions for advancing girls’ education in Muslim communities worldwide.

It will provide a platform for high-level discussions and collaborations to find actionable solutions for these challenges.

Prime Minister Shehbaz Sharif is expected to deliver the keynote address, reaffirming the nation’s commitment to promoting girls’ education and gender equality.

The event will host over 150 international dignitaries, including ministers, ambassadors, scholars, and representatives from international organizations such as UNESCO, UNICEF, and the World Bank.

The conference will conclude with the signing of the Islamabad Declaration, outlining a shared commitment among the Muslim community to empower girls through education, paving the way for inclusive and sustainable educational reforms.

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World Bank approves $240m to improve Karachi’s water

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World Bank approves $240m to improve Karachi’s water

The World Bank has approved $240 million for the Second Karachi Water and Sewerage Services Improvement Project (KWSSIP-2) to improve water, sanitation, and hygiene (WASH) services in Karachi. This project aims to ensure safe WASH services for nearly 16 million people with better water supply and for 7.5 million people with enhanced sanitation services by … Read more

KU seminar highlights importance of building life skills in youth

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KU seminar

KARACHI: A seminar on building life skills in youth a Local Challenge Fund by the Higher Education Commission Pakistan, and supported by the World Bank, was organized by the Institute of Clinical Psychology in collaboration with the KU Office of Research, Innovations and Commercialization at the KU Chinese Teachers Memorial Auditorium.

The objectives of the event were to highlight the role of youth in the prevention of substance use and mental health problems in the community, to develop knowledge, healthy skills, and abilities to face difficult situations in their lives, address myths related to substance use and mental health problems and to build self-confidence, communication skills and pro-social behaviors to cope with difficult situation in young people to enable their positive development, and developing an educational climate, environment policies, which support health-promoting behaviors of youth.

Prof Dr Khalid Mahmood Iraqi during his address said that before we talk about the world, we need to see how much corruption is there in our society, how much truth we speak, and how much this system promotes merit. He observed that we have to prove through our actions that we are better Muslims, and then we invite the world to Islam.

He mentioned that without improving our basic education system in the country, we cannot produce good people and prepare them better. We need to improve our basic education system to compete with the world. We need to make our society safe and inclusive.

A wellness counselor at Shaheed Zulfikar Ali Bhutto Institute of Science and Technology Dr Muzaffar Ali said that addiction is a chronic relapsing mental illness. If we continue to call it only a social evil and a bad habit, we will never go towards its treatment.

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WB approves loan $535m for two major projects in Pakistan

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WB

ISLAMABAD: The World Bank (WB) approved the loan of $535 million in financing for Pakistan to support social security, climate change and agriculture sector projects.

As per a statement, Crisis Resilient Social Protection (CRISP) program aims to strengthen the country’s social protection system and build shock resilience among poor and vulnerable households, while the Sindh Livestock and Aquaculture Sectors Transformation (LIVAQUA) will promote climate-smart and competitive small and medium producers in the livestock and aquaculture sectors in Sindh.

“The catastrophic floods that hit Pakistan in 2022 were a tragic reminder of the importance to build resilience to such disasters, including by strengthening both social protection and sectors that support economic growth and recovery,” Najy Benhassine, World Bank Country Director for Pakistan, was quoted as saying.

“It is also imperative to help the vulnerable absorb climate shocks through innovative climate-smart technology and contingency planning.”

The World Bank said that the additional financing for CRISP, which amounts to $400 million, will build on the program’s on-going efforts to equip Pakistan’s social protection system with the policy and delivery system foundations necessary for more effective and rapid responses to future crises.

The CRISP program will focus on longer-term policy actions to further improve the national cash transfer program’s effectiveness, coverage and Federal-Provincial coordination, it added.

“Since its inception, the CRISP program has achieved significant results with regular safety net support to more than 9 million families and a demonstrated capability of quickly reaching 2.8 million families during the recent floods,” said Amjad Zafar Khan, Task Team Leader for the Project.

“The additional financing would not only assist families in becoming more resilient to climate and economic shocks, but also encourage the use of provincial capacities to take up a larger role in social assistance.”

Meanwhile, financing to the tune of $135 million will be provided under LIVAQUA project, to promote climate-smart production, value addition, and inclusive access to markets, and help create opportunities for growth in the livestock and aquaculture sectors.

World Bank said that LIVAQUA will cover all districts in Sindh using a phased approach.

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World Bank approves $150mn loan for Pakistan

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World Bank

ISLAMABAD: The World Bank approved $150 million for a project to increase the participation rates of girls and boys in pre-primary and primary grades and enhance reading proficiency in primary grades in Punjab Province.

The project is expected to directly benefit approximately 5 million children, 7,000 headteachers, 165,000 teachers, and more than 3,000 teacher mentors in public schools as well as Punjab Education Foundation schools.

“Punjab has more than 7 million out-of-school children. The grades will help the government of Punjab substantially reduce this number and, in parallel, improve foundational learning outcomes for boys and girls who are already in school,” said Najy Benhassine, World Bank Country Director for Pakistan. “This will be done through scaling up and strengthening public-private partnerships, improving school preparedness among young children, enhancing the quality and use of teaching and learning materials and assessments, and improving the learning environment in schools.”

Earlier, World Bank (WB) has approved additional financing to the tune of $ 1 billion for Dasu Hydropower Project, being constructed by WAPDA on River Indus.

This is the single largest financial facility provided by the World Bank for a project in Pakistan.

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World Bank approves additional $1b for Dasu Hydropower Project  

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World Bank

ISLAMABAD: The World Bank (WB) has approved additional financing to the tune of $ 1 billion for Dasu Hydropower Project, being constructed by WAPDA on River Indus.

This is the single largest financial facility provided by the World Bank for a project in Pakistan.

This facility comprises concessional financing through the World Bank arms of IDA and IBRD.

Approval to this effect was accorded by the World Bank in its meeting. This additional financing by the World Bank reflects the trust the Bank reposes in WAPDA’s financial strength and professional expertise for the successful implementation of mega projects in the Water and Hydropower sectors.

It is important to note that the World Bank is already providing financial support of US$ 588 million and a partial credit guarantee of US$ 460 million for the construction of the Dasu Hydropower Project.

At present, WAPDA is constructing eight mega projects worth US$ 26 billion to add 9.7 million feet (MAF) to the water storage and double its hydel generation capacity from 9,500 to 20,000 megawatt (MW) during the next five years.

WAPDA has devised an innovative financial strategy for the construction of these projects with less reliance on the national exchequer by exploiting its own financial strength. Dasu is one of these under-construction projects.

The 4320 MW-Dasu Hydropower Project is being constructed on the River Indus, upstream of Dasu Town in the Upper Kohistan District of Khyber Pakhtunkhwa Province. The Project is planned to be completed in two stages – each stage having a generation capacity of 2160 MW.

At present, WAPDA is constructing Stage-I of the Project. After the successful diversion of the River Indus last year, construction work is continuing simultaneously on key sites of the Project. Stage-I of the Dasu Hydropower Project will start electricity generation in 2026. It will contribute 12 billion units per annum to the National Grid.

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Pakistan, WB agree to new partnership framework for reforms

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Pakistan

ISLAMABAD: Pakistan and the World Bank agreed to collaborate on a new, robust and ambitious Country Partnership Framework (CPF) to carry forward the country’s reform and development agenda.

The agreement was reached during a meeting between Prime Minister Muhammad Shehbaz Sharif and a delegation led by Regional Vice President of the World Bank for South Asia Martin Raiser.

Welcoming Martin Raiser, Prime Minister Shehbaz lauded the contribution of the World Bank to the development of Pakistan.

The prime minister appreciated the support extended by the Bank for building the climate resilient infrastructure in the wake of 2022 floods in Pakistan.

He briefed the delegation on the reform agenda of the government including digitization of the entire tax system, power sector reforms, enhancing per acre yield in the agriculture sector, addressing the issue of child stunting, etc.

Appreciating Pakistan’s aggressive reforms agenda, Martin Raiser said the World Bank was ready to collaborate with the country in its journey of transformation of the economy aimed at sustainable development.

Both sides agreed to engage in a long-term, focused partnership under a new Country Partnership Framework with an annual review mechanism to assess progress and ensure that results are achieved.

The strategy will include flexibility for future course correction. The new partnership will have the ambition to achieve transformational impacts over a decade on a selective set of critical development priorities for Pakistan.

Likewise, the energy sector reforms, including increased participation of the private sector in transmission and distribution, and transition to green energy to make energy cheaper, cleaner and financially sustainable also came under discussion.

The two sides agreed that the process for preparation of the new Country Partnership Framework will consist of consultations with the federal and provincial governments as well as academia, parliamentarians, civil society, development partners and the private sector.

The World Bank will coordinate with stakeholders to discuss the partnership priorities duly aligned with the key development priorities and strategy of the Government of Pakistan.

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PIDE Talk: Gutierrez Urges Bold Fiscal Reform

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PIDE Talk

ISLAMABAD: The Pakistan Institute of Development Economics (PIDE) hosted a public lecture on “Sustainable Fiscal Reforms: International Experience and Applications for Pakistan,” featuring Arturo Herrera Gutierrez, Global Director for Governance at the World Bank, as the keynote speaker. At the core of his presentation, Arturo Herrera Gutierrez emphasized the urgent need for sustainable fiscal reforms … Read more

WB assures support for reforms, digitalization programmes

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WB assures support for reforms, digitalization programmes

ISLAMABAD: The World Bank (WB) has assured Pakistan of its full support for reforms and digitalization programmes to stabilize economy and enhance revenues. According to A press statement issued by finance ministry here, Federal Minister for Finance and Revenue, Muhammad Aurangzeb, met with President World Bank Group, Ajay Banga and highlighted Pakistan’s progress under the … Read more

Senator Faisal Saleem elected as member of IMF, WB

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Senator

ISLAMABAD: For the first time in the country’s history, Pakistani parliamentarians have been elected as members of the International Monetary Fund(IMF) and World Bank Board.

Senator Faisal Saleem Rehman was elected as a member of the Parliamentary Board of the IMF and the World Bank.

140 countries around the world are members of the Parliamentary Network on the IMF and the World Bank.

The Parliamentary Network formulates recommendations for reforms related to poverty alleviation and economic stability.

Senator Faisal Saleem from Khyber Pakhtunkhwa became a member of the upper house in March 2021 and his term ends in March 2027.

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KU, World Bank discusses potential of establishment of CESS

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World Bank

KARACHI: A five-member delegation of the World Bank(WB) led by its Senior Social Development Specialist of Social Sustainability and Inclusion Global Practice Imran ul Haq met the Vice Chancellor of the University of Karachi Prof Dr Khalid Mahmood Iraqi

During the meeting, they discussed the potential of the establishment of the WB’s Centre for Environmental and Social Sustainability initiative in Pakistan. WB’s Imran Haq informed that the World Bank is interested in creating a center of excellence in the province which could help in catering the environmental issues, and help in providing durable and long-lasting solutions, and social sustainability in the country.

He shared that the proposed CESS project aims to create ownership among individuals and all the stakeholders including governments, industries, masses, and academia besides the capacity building of a society.

Imran ul Haq mentioned that the WB delegation has shortlisted four possible varsities for the establishment of CESS and the University of Karachi is one of them.

According to him, they have linked up with 16 universities and after a thorough process, they have shortlisted four universities in Karachi and initially met with the heads of all three institutions before visiting the KU.

He elaborated that the CESS is supposed to strengthen the partnership of donors, governments, industries, academia, and others in environmental and social sustainability of the development process as well as help in improving environmental conditions, safeguarding social values, educating the importance of the CESS to society, doing in-depth research, preparing policies to protect the environment and improve the quality of the environment.

He said that the WB would like to take other donor agencies on board too regarding the CESS and hoped that with the collaboration of institutions like the Asian Development Bank, and Japan International Cooperation Agency the CESS project would be more useful for society.

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