Pakistan on Tuesday signed three loan agreements worth a total of $918 million with the World Bank.
Country Director World Bank Patchamuthu Illangovan and Economic Affairs Division Secretary Noor Ahmed signed an agreement which was witnessed by Dr Abdul Hafeez Shaikh. The representatives of Government of Khyber Pakhtunkhwa and the Higher Education Commission (HEC) signed their corresponding project agreements.
Dr Sheikh is thankful to the World Bank “for extending their continuous support to Pakistan’s government in its efforts to achieve the sustainable economic development of the country.”
The facts of the three project the funds will be used for are as follows:
‘Pakistan Raises Revenue Program’ — $400 million
It is expected that the programme will increase Pakistan’s tax to GDP ratio to 17 per cent, rise the number of active taxpayers to 3.5 million, diminish the compliance burden of paying taxes and improve the efficiency of customs controls.
‘Higher Education Development in Pakistan’ — $400 million
The development objective of the programme is to “support research in strategic sectors of the economy, improve teaching and learning and strengthening governance in the higher education sector.”
‘Khyber Pakhtunkhwa Revenue Mobilization and Resource Management Program’ — $118 million
This programme is aimed to increase collection of KP’s own revenue and improve the management of public resources. The press release said, “This objective is to be achieved through efficient revenue mobilization, effective public resource management and capacity building to enhance e-government functionality”