World Bank blocks $335m loans - News Summed Up

World Bank blocks $335m loans


Official documents showed that the World Bank cancelled an allocation of $188 million for Pakistan for the just-ended fiscal year. Last week, Finance Minister Miftah Ismail met with US Ambassador Donald Blome, seeking his help to unlock $950 million worth of funds from the World Bank. The minister requested the ambassador to convince the World Bank to approve two budget support loans. But the World Bank wants the District Collectorate valuation tables to be at least equal to 85% of the market values of these properties. In case, Pakistan fails to rationalise the property valuation rates, the country will permanently lose $147 million too, like it has already lost $188 million, the World Bank warned.


Source: The Express Tribune August 05, 2022 22:41 UTC



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