World Bank grants $425m to Pakistan

The World Bank is set to contribute an additional $425 million to Pakistan for social security initiatives, receiving in-principle approval from the caretaker Finance Minister Shamshad Akhtar. Acknowledging the World Bank’s ongoing support, Akhtar granted in-principle approval for the additional financing for two major projects valued at $425 million, as announced by the Ministry of Finance.

In a meeting between the World Bank delegation, led by Country Director Najy Benhassine, and Finance Minister Shamshad Akhtar on Monday, the Crisis-Resilient Social Protection Programme “CRISP” programme received approval to address the ongoing social crisis. The World Bank committed $250 million to the CRISP programme, executed through the Benazir Income Support Programme (BISP). The program aims to support the development of a more adaptive social protection system that will contribute to any future crisis resilience among poor and vulnerable households.