The government on Tuesday sought more time from the World Bank to implement its conditions for qualifying for $1.5 billion loans to meet the burgeoning external financing needs, sources told The Express Tribune. “The Finance Minister reiterated the firm commitment of the government in undertaking reforms to achieve macroeconomic stability, build fiscal resilience and stimulate economic recovery amid Covid-19 and in post-Covid scenario,” read the handout. The $1.5 billion loans are part of the overall $27 billion external financing requirement for the current fiscal year, according to the finance ministry sources. Gohar urged the World Bank managing director to appreciate the tough decisions that Pakistan has already taken. Van Trotsenburg reiterated support for overcoming challenges in the energy sector and lauded the socio-economic coverage extended to the marginalised sections of the society during coronavirus pandemic, said the finance ministry.

Source: The Express Tribune April 21, 2021 03:22 UTC