World Bank grants $500mn loan for Pak

Written by: Super Admin
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Washington, Mar 27: The World Bank on Thursday, Mar 27 has approved a $500 million interest free loan for Pakistan. The move will help Pak stablize its economy in the face of political and economic turmoil.

World Bank coutnry director for Pakistan Yusupha Crookes said the interest-free credit to support Pakistan is aimed to regain and maintain economic stability and to bring the economy back to a higher growth path.

"However, the sharp deterioration of the global economy poses significant risks to exports, remittances and external financing. "This underlines the importance of Pakistan regaining economic stability and protecting its poorest citizens during the process," Crookes added.

The rise in international oil and food prices sharply inflated the country's import bill and the subsequent global recession dampened external demand for Pakistan's exports.

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