The World Bank has approved $700 million in financing for Pakistan under a multi-year initiative aimed at supporting the country’s macroeconomic stability and service delivery, it emerged on Saturday.

The lender said the funds will be released under the bank’s Public Resources for Inclusive Development — Multiphase Programmatic Approach (PRID-MPA), which could provide up to $1.35 billion in total financing.

Of this amount, $600m will go for federal programmes and $100m will support a provincial programme in Sindh.

The approval follows a $47.9m World Bank grant in August to improve primary education in Punjab.

A separate statement issued by the lender quoted Bolormaa Amgaabazar, the World Bank’s country director for Pakistan, as saying,........

© Dawn Business