World Bank pledges $1.4 billion support

WASHINGTON - The World Bank has offered $1.4 billion support for Pakistan that can be front loaded to fast track investment projects and budgetary lending, according to an official statement.

But economic experts here were not impressed by the World Bank’s move.

“The World Bank’s announcement ... is meaningless if it does not include quick-disbursing money for balance of payments and budgetary support,” said one expert who closely follows Pakistan’s economic developments. “The last thing Pakistan needs is more project aid.” The amount includes $ 600 million for investment portfolio and $ 800 million for budget support as macroeconomic stabilization programme moves forward.

The offer, first made by World Bank President Robert Zoellick at a meeting with President Asif Ali Zardari last month in New York, was reiterated Saturday as Pakistan’s Adviser on Finance met with the Bank’s Managing Director Ms Ngozi Okonjo-Iweala. Tareen and his team of top economic mangers had also discussed development cooperation with WB Vice President on Friday.