Islamabad: The World Bank Country Director Mr. Rachid Benmessaoud today called on the Federal Minister for Finance and Economic Affairs Dr. Abdul Hafeez Shaikh in his office. During the meeting the World Bank Country director briefed the Minister about the World Banks committeemen’s, disbursements, portfolio performance and about the financial year 2012 Work Plan.
It may be mentioned here that during last year a total portfolio of $ 1.6 billion financing thirteen projects was finalized and signed. Out of which $ 1.3 billion was concesscial loan. The projects which were undertaken by this financing have been, construction of Highways, Barrages, Karachi Port Trust, Education, Polio Eradication and Higher Education, in the financial year 2011 amounting of $ 810 million. The total portfolio of $ 4.5 billion with the support of the World Bank in currently under implementation.
The Country Director also briefed the Finance Minister about his banks financing in the power projects (Tarbela IV) Education, Re-vitalization of Economy of Khyber Pukhtoonkhawa and FATA on the social safety net, irrigation, and revenue mobilization. He also said that due to the close coordination with the Economic Affairs Division of Ministry of Finance issues were timely resolved, and World Bank could be able to properly disburse $ 810 in the financial year 2011.
The Federal Minister for Finance appreciated the World Bank team here in Pakistan and its leader for timely delivering the assistance, improving the disbursement ratio and portfolio performance.
The Minister stressed upon close coordination between Economic Affairs Division and World Bank and for the maintenance of sectoral and regional balance in the approach. He directed the Economic Affairs Division to continue periodic portfolio review to ensure timely implementation of the projects.
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