World Bank raises aid for flood-hit Pak to one billion dollars

Washington, Sep 2(ANI): The World Bank has raised its emergency funding to Pakistan to one billion dollars to help the country cope with the unprecedented disaster caused by the floods.

World Bank President Robert Zoellick announced the hike, an additional 100 million dollars on top of an existing 900 million dollar loan, after a meeting with Pakistan Finance Minister Hafeez Shaikh in Washington.

"The World Bank is committed to helping the people of Pakistan during this time of need and has made one billion dollars available to finance immediate recovery needs and longer-term reconstruction," The Dawn quoted Zoellick, as saying in a statement.

Zoellick also said that the continued economic, institutional and governance reforms were critical to maintaining donor confidence.

"We need to respond strongly to the crisis at hand, but we need to do it without losing sight of important economic reforms," Zoellick said.

"Renewed commitment to governance and fiscal reforms will be important to mobilize domestic revenues and ensure that funds reach the poor people it is intended for. The response of donors to the floods will also depend on the government's ability to deliver in this area," he added.

Shaikh is part of a delegation visiting Washington for discussions with the International Monetary Fund about Pakistan's 11 billion dollar loan program. (ANI)