WB Approves $800m Loan for Pakistan’s Power Sector Reforms
The Board of Executive Directors of the World Bank approved loans totaling $800 million for two projects in Pakistan: the Pakistan Program for Affordable and Clean Energy (PACE) and the Second Securing Human Investments to Foster Transformation (SHIFT II).
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The $400 million PACE effort, according to a report by a local media site, focuses on ways to improve the financial viability of the power sector and help the country’s transition to low-carbon energy.
It prioritises steps required to launch important power sector changes centred on reducing power generation costs, improving the targeting of subsidies and tariffs for customers, and enhancing the private sector’s contribution to electricity distribution efficiencies.
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The programme will help enhance health and education services, provide possibilities for the disadvantaged to generate income, and foster equitable economic growth.
By improving working conditions and empowering individuals in the informal sector, the plan supports reforms to encourage women’s participation in the economy. It supports the improvement of national safety net programmes and improved targeting to protect the most vulnerable, hence enhancing resilience to shocks such as the COVID-19 pandemic.
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