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World Bank rejects media reports of delay in its $1.1 billion loan approval for pakistan

ISLAMABAD: The World Bank today termed the media reports as baseless which claimed that the WB had delayed $1.1 billion loan’s approval for Pakistan until next fiscal year.

On Wednesday, an international newswire reported that the World Bank had delayed the approval of two loans for Pakistan worth $1.1 billion because of delay in implementation of measures to manage the country’s energy debt and tariffs.

The Country Director of the World Bank in Islamabad Najy Benhassine said that the media reports of delay in approval of the WB loans are unfounded and baseless.

Through his Twitter handle, he said, “The tentative board approval dates of all of our proposed operations, as well as their amounts, are indicative and not final.

The World Bank is one of the leading donors for Pakistan. The Bank has extended millions of dollars assistance during the Covid pandemic and also offering loans to avert default.

On Wednesday, some private TV channels and social media users created a hype about delay in the World Bank’s loan for Pakistan which proved a propaganda on Thursday.

Worth to note is that every year, the World Bank provides more than $1 billion to Pakistan for different development projects.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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