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World Bank

World Bank proposed $400Mn aid to develop water board

KARACHI: The World Bank has proposed $400 million aid to the Karachi Water and Sewerage Board for developing water and sewerage services in Karachi. However, the Sindh government has approved in standard and determined to go move forward with the arrangement. This arrangement initiated from a meeting on Thursday, when World Bank team directed by senior water resources management specialist Andreas Rohde called on Saeed Ghani, Local Government Minister in his office. The meeting includes other members of the team such…

Pakistan improves its ranking in World Bank’s Doing Business Report 2019

ISLAMABAD: Pakistan has improved its ranking by 11 points and moved from 147 to 136 in World Bank's Doing Business Report 2019, Board of Investment announced on Wednesday. Board of Investment, being the secretariat of 'Prime Minister's Steering Committee on Doing Business Reforms', briefed the press on the reforms behind improvements made in Pakistan’s ranking and reforms being introduced to improve it further. Talking to the media, Mrs. Fareena Mazhar, Executive Director General BOI, explained that in addition to…

WB agrees to finance three projects in Karachi       

KARACHI: A World Bank (WB) delegation led by Country Director Patchamuthu Illangovan met with Sind Chief Minister Syed Murad Ali Shah on Wednesday and decided to finance three important projects for Karachi. According to a statement released from CM office, the four-member World Bank delegation agreed to finance Urban Management Project, Service Unit and Yellow Line project for Karachi. The meeting was attended by WB Operations Manager Melinda Good, Operation Officer Amena Raja, Program Leader Saiyed Shabih Ali Mohib,…

Nearly half the world lives on less than $5.50 a day: World Bank

Despite progress in reducing extreme poverty, nearly half the world's population lives on less than $5.50 a day, with a rising share of the poor in wealthier economies, the World Bank said Wednesday. In a twice-yearly report, the bank took a broader look at poverty to see where countries were lagging, even though the share of those living in extreme poverty -- defined as earning less than $1.90 a day -- has continued to come down in recent years. Under the expanded criteria for poverty, the report found the number of…

World Bank offers disaster-hit Indonesia $1 bn in loans

NUSA DUA: The World Bank on Sunday announced funding of up to $1 billion for Indonesia after it was rocked by a string of recent disasters, including a deadly earthquake-tsunami that killed thousands. CEO Kristalina Georgieva unveiled the funds at Indonesian holiday island Bali, where the Bank and the International Monetary Fund have been holding their annual meetings. A 7.5-magnitude quake and a resulting tsunami tore through Palu city on Sulawesi island on September 28, killing more than 2,000 people and leaving…

Pakistan’s economic situation to remain frail until 2 years: World Bank

ISLAMABAD: The World Bank has indicated that the economic scenario in Pakistan is to remain shaky till next two years. Pakistan is stuck in a situation where its economy is experiencing a downward trajectory while its outlay is very high, said the report published by the bank. Anticipating a period of two stumbling years for the economy of Pakistan, the report highlighted two factors: rise in poverty and the weak economic development. The report further said Pakistan would face the challenges of alleviating poverty…

Asad Umar meets World Bank president in Bali

BALI: Finance Minister Asad Umar met President World Bank Dr. Jim Yong Kim on the sidelines of the World Bank/IMF Group Annual meetings in Bali city of Indonesia on Wednesday. According to a statement issued by Ministry of Finance, Asad Umar shared with the World Bank leader, the vision of the new government and its priorities and the current level of Pak-World Bank cooperation. Earlier, the finance minister met his Indonesian counterpart Sri Mulyani Indrawati and discussed matters pertaining to expansion of…

World Bank offers cooperation in dealing with climate change hazards

ISLAMABAD: A World Bank delegation led by Country Director Patchamuthu Illangovan called on Adviser to PM on climate change Malik Amin Aslam Khan and discussed areas of mutual interest and cooperation in different plans to deal with climate change hazards. The delegation included Operations Officer Amena Raja, Program Leader Lixin Gu, Senior Disaster Risk Management Specialist Kamran Akbar, and Disaster Risk Management Specialist Ahsan Tehsin. The delegates said that quality of life in number of areas in South Asia…