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World Bank offers $2 billion aid to Pakistan

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Islamabad: World Bank has offered a $2 billion assistance package to Pakistan, a media report said on Tuesday.

Photo credit: www.thenewstribe.com
Photo credit: www.thenewstribe.com

Prime Minister Nawaz Sharif talked to World Bank Managing Director Sri Mulyani Indrawati, welcoming the bank’s cooperation in the country’s economy, education and energy sectors, Radio Pakistan reported.

Sharif discussed with the director and proposed initiatives of regional connectivity through rail and road links in the region.

He referred to projects about improving and building rail and road links from Karachi and Gwadar to Turkmenistan city of Tirmiz, where Central Asian States including Turkmenistan, Uzbekistan, Afghanistan and Tajikistan have borders at short distances.

Indrawati assured Bank’s support for the proposed initiative and offered International Bank for Reconstruction and Development assistance package of two billion dollars over a period of four years.

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World Bank shareholders endorse capital increase plan

Following the capital increase plan announced Saturday, the combined financing arms of the World Bank

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World Bank's prompt decission to pause two seperate projects with India nad Pakistan came after India's objection against it
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The World Bank has said its shareholders endorsed a capital increase package, a series of internal reforms, and a set of policy measures to strengthen the international lender’s capabilities.

The $13 billion capital increase package includes $7.5 billion of paid-in capital for the International Bank for Reconstruction and Development (IBRD), the group’s primary lending arm, and $5.5 billion for the International Finance Corporation (IFC), the group’s private sector lending arm, said the World Bank in a statement on Saturday, Xinhua reported.

World BAnk shareholders to have better plans.

World Bank shareholders also endorsed a $52.6 billion callable capital increase for IBRD, the statement said.

“Through the historic agreement endorsed today, our shareholders have clearly demonstrated a renewed confidence in global cooperation,” World Bank Group President Jim Yong Kim said.

“This capital package allows for greater responsiveness to risks to global stability and security, particularly in poorer countries and fragile states,” Kim added.

Following the capital increase plan announced Saturday, the combined financing arms of the World Bank are expected to reach an average annual capacity of nearly $100 billion between fiscal year 2019 and fiscal year 2030, said the World Bank. Kim said at a press briefing this week that the capital increase package doesn’t target changes of loans to any specific country.

Also Read: India will become High-Middle Income Country by 2047, says World Bank CEO

“It’s about how we think about income levels and how the World Bank Group can continue to be a partner and to support all of our member countries who are still clients,” he argued. He said that the multilateral lender would increase lending to lower middle-income countries over time. IANS

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In The Name Of The Father: Honour Killing And Blasphemy In South Asia

Is there any lesson for India to learn from the occurrence and fallouts of cases related to Honour Killings and Blasphemy in Pakistan?

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