World Bank may lend Pakistan up to $8bn: sources

ISLAMABAD: Pakistan is expected to receive financial assistance of up to $8 bn from World Bank after the former has already reached an understanding with the International Monetary Fund (IMF) for a bailout package, ARY News reported.

In this regard, it was learnt that Prime Minister Imran Khan is scheduled to meet the CEO of World Bank Kristalina Georgieva during his visit to China on April 26.

During the meeting, the premier would discuss country’s economic outlook with the Bank’s top executive.

The prime minister would be flanked by his Advisor on Finance Abdul Hafeez Shaikh and his Advisor on Trade Abdul Razaq Dawood.

The delegation would apprise the World Bank of the Pakistan Tehreek-i-Insaf government’s economic policies.

Sources privy to the development say the government is expected to seal a financial assistance package of between $6bn to $8bn.

In March, the then Finance Minister Asad Umar had informed that talks with the IMF had been fruitful and a formal agreement between the country and the Fund was expected to be signed by “late April or first half of May”.

Though still not made public, the package is expected to be between $6bn to $12bn and would require Pakistan to undertake massive tax reforms in upcoming years.