Govt takes up $304m loan for PRIDE programme

By Staff Reporter
Thursday – December 17, 2020
ISLAMABAD: A loan agreement signed with the world bank (WB), Wednesday, aims to help government of Punjab to increase its own source revenue; to improve reliability of resource allocation and access to digital services for people and firms.

According to a press release, economic affairs minister (EAM) Makhdum Khusro Bakhtyar witnessed the signing ceremony of Punjab Resource Improvement and Digital Effectiveness Programme (PRIDE) loan agreement worth $304 million with the WB, held in economic affairs ministry in federal capital.

The programme interventions will primarily address three challenging areas of fiscal risk management, revenue mobilisation and expenditure management through better use of information systems.

The improved public resources management is expected to create additional fiscal space of Rs.274 billion by end of financial year 2025 thereby creating enough space for government of Punjab to scale-up its spending on public service and infrastructure to foster rapid growth.

The EAM reiterated commitment of incumbent regime to improve fiscal management by augmentation of domestic revenues and to enhance expenditure on pro-people development initiatives.

EAM Bakhtyar lauded strategy of Punjab government in this respect.

He thanked WB country management for extending their continuous support to government of Pakistan in aim to achieve sustainable economic development.

The WB country director Najy Benhassine ensured his organisation’s continuous support to government of Pakistan in aim to achieve the priority development objectives.

The economic affairs ministry secretary Noor Ahmed signed loan agreement on behalf of government of Pakistan while the representative of government of Punjab signed operational agreement. The WB country director Benhassine signed programme agreements on behalf of WB.