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Pakistan’s Fiscal Year 2022-23 and Foreign Aid:
In the fiscal year 2022-23, Pakistan received a total of $4.4 billion in financial assistance from the World Bank and the Asian Development Bank (ADB). However, this amount fell short of the budgeted estimates, resulting in a shortfall of $1.436 billion. Official data from the Economic Affairs Division revealed that while the country had expected to receive $5.836 billion, the actual disbursements were lower than anticipated.
World Bank and ADB Contributions:
The government had budgeted $3.202 billion from the Asian Development Bank for the fiscal year 2022-23. However, Pakistan received $2.266 billion during the period, which was lower than the projected amount. Similarly, the budgeted amount of $1.271 billion from the International Bank for Reconstruction and Development (IBRD) was significantly lower than the actual disbursement of $290.06 million. On the other hand, the country received a higher sum of $1.807 billion from the International Development Association (IDA) against the budgeted amount of $1.363 billion.
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Appreciation Ceremony for Contributions:
To acknowledge and appreciate the contributions of the relevant officers from the Economic Affairs Division and the esteemed partners, the World Bank and ADB, the Ministry of Economic Affairs hosted an Appreciation Ceremony. During the event, the Minister highlighted the significant role played by both banks in assisting Pakistan during challenging times, such as the devastating floods of 2022, addressing balance of payment issues, and facilitating the implementation progress of the development portfolio.
Exceptional Level of Disbursements:
The joint and well-coordinated efforts of the World Bank, Asian Development Bank, and the Economic Affairs Division led to an exceptional level of disbursements, totaling $4.4 billion during the fiscal year 2022-23. The Minister commended the remarkable precedent set by this achievement and expressed optimism for even greater accomplishments in the future.
Gratitude Expressed by the Secretary and Country Directors:
The Secretary of the Economic Affairs Division expressed gratitude to the World Bank and ADB for their unwavering support in responding to Pakistan’s development needs, especially during emergency situations. He praised his highly motivated team for their tireless efforts and rigorous follow-up, which contributed to the successful disbursement of funds. Country Directors Najy Benhassine (World Bank) and Yong Ye (ADB) acknowledged the relentless commitment of the Ministry of Economic Affairs team and emphasized the harmonious partnership between the organizations.
Distribution of Appreciation Certificates:
During the event, the Minister presented appreciation certificates to outstanding team members from the Asian Development Bank, the World Bank, and the Ministry of Economic Affairs. This gesture highlighted the importance of collaborative efforts and recognized the dedication of those involved in managing and disbursing foreign aid effectively.
Conclusion:
The financial assistance provided by the World Bank and the Asian Development Bank played a vital role in supporting Pakistan’s efforts to manage natural disasters and address economic challenges in the fiscal year 2022-23. The Ministry of Economic Affairs’ Appreciation Ceremony was a testament to the harmonious partnership and the diligent work of all stakeholders involved in promoting development and economic stability in the country.
