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World Bank, ADB Delay $1bn Loans

Pakistan will receive only $800 million in budget support loans this month, as the two main lenders have postponed approval of another $1 billion due to a delay in completing certain conditions and a stalemate in IMF negotiations (IMF).

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The World Bank will authorise $800 million in policy loans on June 28, as opposed to the initial plan of $1.5 billion, according to sources in the Ministry of Finance.

They claimed that Pakistan and the World Bank had arranged three $500 million loans.

According to sources, the World Bank delayed the approval of one loan under the second Resilient Institutions for Sustainable Economy (RISE-II) programme and reduced the size of two other loans from $500 million to $400 million each under the Securing Human Investments to Foster Transformation (SHIFT-II) programme and the Programme for Affordable and Clean Energy (PACE).

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According to the World Bank, it also aims to improve the investment climate by implementing a nationwide harmonised GST, a competitive national tariff policy, an inclusive digital payment system that allows fintech companies to conduct electronic money operations, and better-regulated banking institutions.

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