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World Bank Fund: The World Bank has said in its annual report that Pakistan is the country taking the maximum loan from the International Development Association (IDA) in the financial year 2023. IDA is the world’s largest multilateral source of low-interest loans. Its objective is to facilitate economic growth, reduce poverty and improve the conditions of poor populations.
According to World Bank information, Pakistan has taken a loan of 2.3 billion dollars. The World Bank has provided approximately $1.7 billion to Pakistan for five projects to deal with floods. In which funds were given to rebuild houses damaged due to floods, restore crop production, provide health services for children and strengthen social security and disaster response capacity of the local government.
The World Bank’s 2023 annual report has been named “The World Bank Annual Report 2023 – A New Era in Development”. It has been told that during the financial year 2023, a loan of $ 10.1 billion was approved in the South Asian region.
Advisory services provided to eight countries
According to the report, the World Bank has also supported 61 advisory services and analytical products for eight countries. In these, technical advice has been provided on issues like debt management, governance, employment generation, social protection, air pollution and climate.
The report estimates that South Asia’s GDP is expected to grow at a pace of 5.6 percent in 2023 and 5.9 percent in 2024.
The report states that South Asia’s GDP growth has slowed down due to tight financial conditions, limited fiscal space and declining reserves.
Will poverty reduce in South Asia?
The report says that serious effects of natural disasters and climate change have been seen in South Asia. It has been told in the report that poverty in this area is likely to reduce in the coming time, because the number of people earning $ 3.20 per day has declined compared to 2019, meaning that now people are able to earn more money than this.
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