Latest news with #BolormaaAmgaabazar
Business Recorder
3 days ago
- Business
- Business Recorder
World Bank urges Pakistan to expedite $55mn power efficiency project
ISLAMABAD: The World Bank has urged Pakistan's Power Division and three major Distribution Companies (Discos) to fast-track implementation of the Additional Financing (AF) for the Electricity Distribution Efficiency Improvement Project (EDEIP), warning that continued delays could hamper the timely and effective use of the $55 million credit facility. In a letter addressed to Secretary Economic Affairs Dr. Kazim Niaz, the World Bank's new Country Director for Pakistan, Bolormaa Amgaabazar, noted a significant uptick in disbursements and commitments as of June 30, 2025—with disbursements rising to $18.09 million (9.3%) from 3.6% in November 2024, and commitments to $18.28 million (20.7%) from 9.0%. Still, the Bank flagged that targets for the quarter were not fully met due to rebidding of key contracts, procurement strategy revisions, and delays in grievance resolution. Wolrd Bank approves $55m in additional financing to Discos Despite these hurdles, the Bank remains optimistic. 'The project is now on track to meet its development goals by closure,' the letter stated, projecting end-FY26 disbursement and commitment levels at 30% and 95%, respectively. The World Bank lauded the Economic Affairs Division and Power Division for securing the AF package but emphasized that further momentum depends on meeting several immediate conditions—including finalizing the Financing Agreement and triggering its effectiveness within the 90-day window post-signature. The three Discos—Hyderabad Electric Supply Company (HESCO), Multan Electric Power Company (MEPCO), and Peshawar Electric Supply Company (PESCO)—have been told to promptly roll out activities under the new funding. During the Bank's May 2025 Appraisal Mission, all stakeholders agreed on a roadmap to eliminate project bottlenecks and enhance implementation speed. The World Bank stressed the importance of updating the Project Enhancement Action Plan (PEAP) by July 21, 2025, to reflect on-the-ground realities and lessons learned. Similarly, the Project Procurement Strategy for Development (PPSD) must be revised in line with the Bank's 2025 Procurement Regulations to address persistent contract delays. Key improvements must also be made in procurement quality, bid evaluation speed, complaint management, and oversight of contract execution. All high-value contracts must incorporate rated criteria and early market engagement to ensure transparency and efficiency. Revised procurement plans and bid documents are due to the Bank by July 31, 2025. On the Environmental and Social (E&S) front, the Bank flagged slow progress in preparing key documents like Environmental and Social Impact Assessments (ESIAs) and Resettlement Action Plans (RAPs). These are to be submitted by the end of July. The Bank warned that continued inaction could stall broader project progress. While the capacity of Project Implementation Units (PIUs) has improved—with support from the Project Implementation and Management Support Consultant (PIMSC)—gaps remain. The Bank highlighted the need for greater stability in project teams, urging against frequent changes in PIMSC personnel. DISCOs have been instructed to submit a detailed FY26 work plan for consultant engagement by July 31 and to fill all key PIU vacancies with qualified personnel by August 31. 'With focused effort and leadership, the project can still meet its targets and deliver long-term impact on Pakistan's power distribution performance,' the Country Director noted, reiterating the Bank's commitment to the country's reform agenda. Copyright Business Recorder, 2025
Business Recorder
3 days ago
- Business
- Business Recorder
AF implementation for EDEIP: PD, Discos urged to speed up
ISLAMABAD: The World Bank has urged Pakistan's Power Division and three major Distribution Companies (Discos) to fast-track implementation of the Additional Financing (AF) for the Electricity Distribution Efficiency Improvement Project (EDEIP), warning that continued delays could hamper the timely and effective use of the $55 million credit facility. In a letter addressed to Secretary Economic Affairs Dr. Kazim Niaz, the World Bank's new Country Director for Pakistan, Bolormaa Amgaabazar, noted a significant uptick in disbursements and commitments as of June 30, 2025—with disbursements rising to $18.09 million (9.3%) from 3.6% in November 2024, and commitments to $18.28 million (20.7%) from 9.0%. Still, the Bank flagged that targets for the quarter were not fully met due to rebidding of key contracts, procurement strategy revisions, and delays in grievance resolution. Wolrd Bank approves $55m in additional financing to Discos Despite these hurdles, the Bank remains optimistic. 'The project is now on track to meet its development goals by closure,' the letter stated, projecting end-FY26 disbursement and commitment levels at 30% and 95%, respectively. The World Bank lauded the Economic Affairs Division and Power Division for securing the AF package but emphasized that further momentum depends on meeting several immediate conditions—including finalizing the Financing Agreement and triggering its effectiveness within the 90-day window post-signature. The three Discos—Hyderabad Electric Supply Company (HESCO), Multan Electric Power Company (MEPCO), and Peshawar Electric Supply Company (PESCO)—have been told to promptly roll out activities under the new funding. During the Bank's May 2025 Appraisal Mission, all stakeholders agreed on a roadmap to eliminate project bottlenecks and enhance implementation speed. The World Bank stressed the importance of updating the Project Enhancement Action Plan (PEAP) by July 21, 2025, to reflect on-the-ground realities and lessons learned. Similarly, the Project Procurement Strategy for Development (PPSD) must be revised in line with the Bank's 2025 Procurement Regulations to address persistent contract delays. Key improvements must also be made in procurement quality, bid evaluation speed, complaint management, and oversight of contract execution. All high-value contracts must incorporate rated criteria and early market engagement to ensure transparency and efficiency. Revised procurement plans and bid documents are due to the Bank by July 31, 2025. On the Environmental and Social (E&S) front, the Bank flagged slow progress in preparing key documents like Environmental and Social Impact Assessments (ESIAs) and Resettlement Action Plans (RAPs). These are to be submitted by the end of July. The Bank warned that continued inaction could stall broader project progress. While the capacity of Project Implementation Units (PIUs) has improved—with support from the Project Implementation and Management Support Consultant (PIMSC)—gaps remain. The Bank highlighted the need for greater stability in project teams, urging against frequent changes in PIMSC personnel. DISCOs have been instructed to submit a detailed FY26 work plan for consultant engagement by July 31 and to fill all key PIU vacancies with qualified personnel by August 31. 'With focused effort and leadership, the project can still meet its targets and deliver long-term impact on Pakistan's power distribution performance,' the Country Director noted, reiterating the Bank's commitment to the country's reform agenda. Copyright Business Recorder, 2025
Business Recorder
01-07-2025
- Business
- Business Recorder
World Bank appoints Amgaabazar as new country director
ISLAMABAD: World Bank appointed Bolormaa Amgaabazar as the new country director for Pakistan effective July 1st. She is succeeding Najy Benhassine in this role. 'I am delighted to be appointed the World Bank's new Country Director for Pakistan,' said Amgaabazar. 'The World Bank and Pakistan have a long-standing partnership that has benefited millions of people over generations. I look forward to deepening our engagement with the federal and provincial governments, local institutions, civil society, the private sector, development partners, and other stakeholders.' Amgaabazar, a Mongolian national, has over two decades of international development experience. She joined the World Bank in 2004 and has worked in the East Asia and Pacific, Africa, and Eastern Europe and Central Asia regions. She has also held managerial responsibilities in the bank's country offices in Kyrgyz Republic and, most recently, in Indonesia and Timor-Leste. Copyright Business Recorder, 2025
Express Tribune
30-06-2025
- Business
- Express Tribune
WB appoints new country director for Pakistan
The World Bank (WB) has appointed Bolormaa Amgaabazar as the new World Bank Country Director for Pakistan, effective from July 1. According to a WB press release, Amgaabazar is succeeding Najy Benhassine in this role. "I am delighted to be appointed the World Bank's new Country Director for Pakistan," said Amgaabazar. "The World Bank and Pakistan have a long-standing partnership that has benefited millions of people over generations. I look forward to deepening our engagement with the federal and provincial governments, local institutions, civil society, the private sector, development partners, and other stakeholders." Amgaabazar, a Mongolian national, has over two decades of international development experience. She joined the World Bank in 2004 and has worked across the East Asia and Pacific, Africa, and Eastern Europe and Central Asia regions.
Arab News
30-06-2025
- Business
- Arab News
World Bank appoints Bolormaa Amgaabazar as new country director for Pakistan
KARACHI: The World Bank has appointed Bolormaa Amgaabazar as its new country director for Pakistan, effective tomorrow, Tuesday, succeeding Najy Benhassine who had held the position since 2020. Amgaabazar's appointment comes as the World Bank launches a major new 10-year Country Partnership Framework (CPF) with Pakistan, committing up to $40 billion in combined support from its financing arms. The CPF, approved earlier this year, will focus on tackling child stunting, improving education, strengthening climate resilience, and supporting structural reforms to boost private sector-led growth. 'The World Bank and Pakistan have a long-standing partnership that has benefited millions of people over generations,' Amgaabazar said in a statement. 'I look forward to deepening our engagement with the federal and provincial governments, local institutions, civil society, the private sector, development partners, and other stakeholders.' A Mongolian national, Amgaabazar joined the World Bank in 2004 and has worked in East Asia and the Pacific, Africa, and Eastern Europe and Central Asia. She previously held leadership roles in the Bank's offices in the Kyrgyz Republic and, most recently, Indonesia and Timor-Leste. Prior to joining the Bank, she worked in international development in Mongolia and Southeast Asia. 'We will continue to support Pakistan to address some of its most acute development challenges including child stunting, learning poverty, its exceptional exposure to the impacts of climate change, and the sustainability of its energy sector,' Amgaabazar added. Since the World Bank Group started operating in Pakistan in 1950, the International Bank for Reconstruction and Development, the main lending arm of the Bank, has provided over $48.3 billion in assistance. The International Finance Corporation, which focuses on private sector development, has invested approximately $13 billion to advance private sector‑led solutions, and the Multilateral Investment Guarantee Agency, which offers political risk insurance and credit enhancement to encourage foreign direct investment, has provided $836 million in guarantees. The current portfolio for IBRD, IFC and MIGA in Pakistan includes 106 projects and a total commitment of $17 billion. The country has teetered on the brink of economic crisis for several years and economists and international financial institutions have called for major economic reforms. Pakistan is currently under a $7 billion International Monetary Fund bailout program, which requires the country to boost government revenues and shore up external sources of financing, much of which comes from loans from China and Gulf nations.
