New York September 22 2022: World Bank repurposing US$ 850 million immediately to help Pakistan with its flood relief efforts, says President of the World Bank Group.
Prime Minister Shehbaz Sharif met Mr. David R. Malpass, President of the World Bank Group on the sidelines of the 77th UN General Assembly Session in New York.
They discussed World Bank’s ongoing engagement with Pakistan to strengthen its infrastructure, agriculture, rural and urban development, social service, as well as economic growth.
The Prime Minister appreciated the World Bank’s partnership with Pakistan and informed him about the government’s steps to introduce economic policies focused on strengthening the economy, price stability and maintaining the sustainability of the external and fiscal sectors. He also elucidated the government’s pressing requirements for additional investment and financial resources from global community to mitigate the devastating impact of climate change on the people and economy of Pakistan.
The Prime Minister apprised him of the devastating impacts of the unprecedented catastrophic floods in Pakistan. He thanked the World Bank Group for repurposing the funds toward flood relief activities and providing US$ 372 million. He underlined that Pakistan made little contribution to climate change, yet it faced the impacts disproportionately.
The President stressed that Pakistan must be prioritized for resilient reconstruction through the international community’s collective support. Mr. Malpass expressed sympathies and condolences over the loss and destruction caused by floods. He also expressed the World Bank Group’s readiness to support Pakistan in its reconstruction and rehabilitation endeavours.
He also committed to the repurposing of US$ 850 million immediately to help Pakistan with its flood relief efforts. The two sides also agreed to continue working together to strengthen governance and service delivery in Pakistan through institutional reforms.