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Results for “World Bank” (37)

Hafsa Mustafa Posted in Politics

World Bank asks Pakistan to revise NFC Award formula

The World Bank (WB) has asked Pakistan to revise the National Finance Commission (NFC) Award formula, both vertically and horizontally, and adopt fiscal ‘equalisation’ for resource distribution among the provinces based on spending needs and projected revenue capacity. The WB also supported excluding population from the main criteria for resource distribution and suggested fiscal equalisation as the way forward. Read More…

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Hafsa Mustafa Posted in Politics

Pakistan must create 30m jobs over next decade, says World Bank President

Pakistan must create up to 30 million jobs over the next decade to turn its youth bulge into an economic dividend or risk instability and outward migration, World Bank President Ajay Banga said. Pakistan is entering the implementation phase of a 10-year Country Partnership Framework (CPF) deal agreed with the World Bank last year, while also working with the International Monetary Fund to stabilise its economy. But Islamabad is still facing mounting pressure to deliver sustained growth and jobs. Read More…

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Hafsa Mustafa Posted in Politics

Pakistan launches project to upgrade early flood warning system

The Pakistan Meteorological Department (PMD) has launched a major initiative to modernise the country’s early flood warning and weather forecasting systems under the World Bank-funded Integrated Flood Resilience Adaptation Project (IFRAP). The project, titled "Modernisation of Hydromet Services of Pakistan (MHSP)", aims to strengthen the country’s climate resilience by enhancing PMD’s capacity to generate, analyse, and disseminate reliable hydrometeorological data, stated a press release. According to official documents available with Wealth Pakistan, the plan includes the installation of 110 Automatic Weather Stations, four Fixed Weather Surveillance Radars, and a High-Performance… Read More…

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Hafsa Mustafa Posted in Politics

World Bank approves $194mln for education, water projects in Pakistan 

The World Bank (WB) has approved $194 million for education and water projects in Pakistan. According to the World Bank, the funds of $194 mln have been allocated for improving the education system and ensuring water availability in Balochistan. Out of total funding, $100 million will be allocated under the “Access to Quality Education Project” aimed at expanding and enhancing access to quality education. This initiative is expected to benefit approximately 250,000 children across the province. Under the same program, 5,000 teachers will receive professional training, and 400 female students… Read More…

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Hafsa Mustafa Posted in Politics

World Bank to invest $40 billion in Pakistan

The World Bank (WB) to invest $40 billion in Pakistan during 2026 to 2035 under its Country Partnership Framework (CPF). According to the documents, the Ministry of Economic Affairs has begun developing a comprehensive implementation framework to support the initiative, which aligns with the government’s priorities and the National Economic Transformation Plan, Uraan Pakistan. For the first time, the World Bank has adopted a 10-year framework instead of its usual five-year strategy, signaling a long-term commitment to Pakistan’s development. Read More…

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Hafsa Mustafa Posted in World

Israel-Hamas conflict could lead to oil price spike: World Bank

The war between Israel and Hamas could trigger price shocks for raw materials such as oil and agriculture products if the conflict escalates across the Middle East, the World Bank warned in a report Monday. Oil has already risen six percent since the latest round of fighting, sparked when Hamas militants from Gaza stormed southern Israel and killed more than 1,400 people. Read More…

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Alina Hashmi Posted in World

Israel-Gaza war risks 'serious' economic damage: World Bank

The war could deal a "serious" blow to global economic development, the president of the World Bank told an investor conference in Saudi Arabia on Tuesday. "What just happened recently in Israel and Gaza -- at the end of the day you put all this together, I think the impact on economic development is even more serious," Ajay Banga said. "I think we're at a very dangerous juncture," he warned. Read More…

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Alina Hashmi Posted in World

US calls for more IMF, World Bank reforms for climate fight

US Treasury Secretary Janet Yellen said that she backed efforts to boost the lending firepower of the IMF and World Bank to combat poverty and climate change. Speaking on the sidelines of the IMF-World Bank annual meetings in Morocco, Ms Yellen said the global lending system had already changed over time to face new challenges. “It has become common sense that addressing climate change and other global challenges is key to achieving development,” she added. Read More…

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Hafsa Mustafa Posted in Uncategorized

World Bank advises cut in govt. expenditure

The World Bank has expressed its reservations over Pakistan’s state expenditures of 1,124 billions. According to sources, WB has advised cut in various subsidies to save money adding that 167 billion rupees can be saved from the Tariff Differential Subsidy (TDS). The bank also pointed out that Rs. 20 bln can be saved with complete withdrawal of subsidy on tubewells or cutting it down. Read More…

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