Obtain funding through the second Resilient Institutions for Sustainable Economy (RISE-II) scheme.
The World Bank states that the funds will enhance the country’s fiscal management and competitiveness, enabling inclusive economic growth. The country’s economy is having a hard time growing right now because of high inflation and low foreign savings.
“Based on the foundations laid through RISE II and parallel support by other IFIs, Pakistan has the opportunity to tackle long-standing structural distortions in its economy after the upcoming general elections,” Derek H. C. Chen, task team leader of the plan, said in a statement.
Also Read: IMF, World Bank Call For Removal Of Debt Payment By Poor Countries
The World Bank’s statement highlights that the funds will restore macroeconomic balance and lay the foundation for long-term growth.
The World Bank said in a statement that the funding will also boost growth and competitiveness by lowering the cost of paying taxes, making the financial sector more open, supporting the use of digital payments, and boosting exports by lowering import tariffs.
Along with that, it will make fiscal policy more coordinated, debt more clear, and property taxes higher.
“Failing to use this opportunity would risk plunging the country back into stop-and-go economic cycles,” Chen added.
