Latest news with #SectorDevelopmentProgramme
India.com
3 days ago
- Business
- India.com
Cash-strapped Pakistan begs for another loan from..., to get Rs 46631675756 loan for...
(File) Pakistan loan: Cash-strapped Pakistan is literally forced to beg for a loan from various financial institutions each month as its crumbled economy is barely enough to keep the country running. According to media reports, the World Bank and the Asian Development Bank (ADB) have approved another $544 million loan for Islamabad for promoting education, and financial security and empowerment of women. World Bank, ADB approves $544 million loan for Pakistan On Wednesday, the World Bank approved a $194 million loan for Pakistan and signed a $350 million loan agreement with ADB to promote financial inclusion and economic empowerment of women. As per a report by Pakistan based Samaa TV, the World Bank loan is meant for two projects– promoting new educational opportunities to children in the restive Balochistan province, and strengthening the country's water security. According to Najy Benhassine, the Country Director for Pakistan for the South Asia region at the World Bank, the primary goal of the project is to improve education opportunities for underprivileged children Balochistan. Additionally, the water security project is aimed to deal with climate change crisis in Balochistan, while the investment in infrastructure and human development will create employment opportunities in the province, the World Bank officer added. The agreement under the Women's Inclusive Finance (WFI) Sector Development Programme was signed on Tuesday by Sabina Qureshi, Additional Secretary, Economic Affairs Division, and Dinesh Raj Sivakoti, Head of Project Administration Unit, Radio Pakistan reported. 'The program will provide women with ample opportunities to better access financial services, expand business opportunities and create new employment opportunities,' the report said. WIF's Sub-Program-2 focuses on four major reform areas, including creating an enabling policy and regulatory environment for the financial inclusion of women, increasing finance for women, strengthening women entrepreneurship capacity and promoting inclusive and equitable workplaces within the financial sector. Pakistan's debt surges to 76,000 billion (PKR) Meanwhile, despite the constant cash-infusion from financial bodies, Pakistan's total debt has surged to 76,000 billion Pakistani rupees in the first nine months of the current financial year, and its economy is expected to grow at a nominal 2.7 percent during the current fiscal, according to the Economic Survey 2024-25 released on June 9. Last year, Pakistan signed a $7 billion External Fund Facility (IFF) loan agreement with the International Monetary Fund (IMF) last year. The second tranche of the loan was disbursed in May this year.
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First Post
4 days ago
- Business
- First Post
Pakistan signs $350 million ADB loan to boost women's financial inclusion
Pakistan has signed a USD 350 million loan agreement with the Asian Development Bank to boost women's financial inclusion and economic empowerment, according to Radio Pakistan. read more Pakistan has secured a $350 million loan from the Asian Development Bank (ADB) aimed at advancing financial inclusion and economic empowerment for women, state broadcaster Radio Pakistan reported on Tuesday. The loan agreement was signed in Islamabad by Sabina Qureshi, Additional Secretary of the Economic Affairs Division, and Dinesh Raj Shiwakoti, Head of ADB's Project Administration Unit, under the Women Inclusive Finance (WIF) Sector Development Programme. The funding under WIF's second sub-programme targets four critical areas: fostering a supportive regulatory and policy framework for women's financial access, expanding financing options for women, enhancing female entrepreneurial capabilities, and building inclusive work environments within the financial sector. STORY CONTINUES BELOW THIS AD The programme is designed to offer women improved access to credit and other financial services, expand their business opportunities, and generate new jobs, Radio Pakistan said. It added that the initiative aligns with Pakistan's broader national goal of integrating women more fully into economic activity. By strengthening women's role in the financial and business landscape, the programme aims to drive equitable growth and sustainable development across the country. The loan comes amid challenging economic circumstances for Pakistan. According to the Economic Survey 2024-25 released on June 9, the country's debt rose to PKR 76 trillion during the first nine months of the fiscal year. Despite the debt burden, Pakistan's economy is projected to grow by 2.7% this year. Islamabad is also pursuing additional external financing. It is currently working to secure $3.3 billion through a syndicated loan and commercial refinancing from Chinese banks, even as it continues under a $7 billion loan programme agreed with the International Monetary Fund (IMF) last year. Pakistan has already received two tranches under the IMF programme, the latest of which was disbursed in May.
