Coronavirus

World Bank approves $500 million loan for Pakistan

World Bank

The World Bank’s Board of Executive Directors has approved a $500 million program for Pakistan.

The program will improve access to quality healthcare and education, support economic opportunities for women, and strengthen social safety nets in the country as the country try to contain the impact of the COVID-19 pandemic.

The statement by the World Bank issued on Friday stated that the Securing Human Investments to Foster Transformation (SHIFT) program will support policy reforms to help Pakistan’s COVID-19 emergency response and protect human capital investments.

The World Bank loan program will prove beneficial in maintaining a better coordination between provinces and federal authorities to immunize millions of children and reduce their risks of contracting polio and other diseases.

Last week Asian Development Bank has also approved Rs. 30 crores for Pakistan.

In notification by the Asian development bank, the emergency fund approved was meant for the sufferers of Coronavirus. The amount would be spent on the treatment and aid to the poor. Millions of people have been rendered jobless along with contracting economic activities.

These 30 crores will be spent to help such people. Moreover, under also Ehsaas program, this amount will be spent on the sufferers of coronavirus. According to the Asian Development Bank, the amount is also for the doctors, hospitals, and for the purchase of medical equipment.

According to the senior officials of the bank, due to the Covid-19 pandemic, the economic and health concerns have been increased.

World Bank and Asian Development Bank would continue helping Pakistan in the future.

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