World Bank (WB) loan amounting to $400 million for flood relief was not in jeopardy, clarifies the Ministry of Planning Development and Special Initiatives (PDSI) on Saturday, noting that the pledges made by donors exceed the requirement.
The statement came after a local daily, quoting a senior official, reported that a major project for Balochistan involving $400 million financing from the WB could not make any headway as “donors are pushing us”.
The report further said that time was running out for “authorities in Islamabad and Quetta to secure a $400 million concessional loan from the bank amid a lack of progress on a major flood rehabilitation project in Balochistan, owing to hiccups arising out of bureaucratic issues and project preparation challenges”.
In a statement, the PDSI clarified that as per the financing agreement agreed in the 4RF (Rehabilitation and Reconstruction Framework), the external financing required is $8.15 billion for three years.
Against that requirement, Pakistan has successfully obtained pledges worth $10.9 billion, which is $2.70 billion in excess of the requirement, it added.
The ministry said that it has so far approved 13 projects from CDWP/ECNEC worth $3 billion, which is way ahead of the yearly target.
Moreover, project identification against committed project commitments by the donors is complete.
“The PDSI is committed to the timely and effective implementation of the 4RF to ensure that the flood-affected people are rehabilitated and reconstructed as early as possible,” read the statement.
The ministry claimed it has also established a robust mechanism for the implementation and monitoring of the 4RF.
In addition to this, a dashboard has also been prepared for the flood-related projects in collaboration with the Asian Development Bank (ADB) that will be functional by the end of this month and will provide real-time information on the progress and implementation of the projects.
“It will ensure transparency by making physical and financial progress accessible to all stakeholders,” said PDSI.
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