World Bank Board approved 6.5 billion for Pakistan under the Country Assistance Strategy (CAS)

The World Bank Board of Directors approved 6.5billion for Pakistan under the Country Assistance Strategy (CAS) which is an expression of confidence of the World Bank on Pakistan 's economy and the policies being pursued by the government.

Mr. John Wall, World Bank Country Director of Pakistan has said that Pakistan has moved from crisis to growth, laying the groundwork for sustained growth and significant poverty reduction. The strategy is designed to help Pakistan prosper, he said.

The Board of Executive Directors approved assistance of US$3 billion under IDA and the remaining US$3 billion would be provided under IBRD. Besides approving Country Assistance Strategy for Pakistan, the Board of Executive Directors also approved four new projects totaling US$340 million: NWFP First Development Policy Credit (IDA$90 million), Punjab Education Development Policy Credit (IDA $100 million), Punjab Irrigation Sector Development Policy Loan (IBRD $100 million) and the Punjab Municipal Services Improvement Loan (IBRD $50 million).

Later, after the meeting, a signing ceremony was held at the World Bank office. Mr. John Wall, Country Director Pakistan signed the document on behalf of the World Bank and Mr. Mushtaq Malik, Economic Minister, Embassy of Pakistan signed on behalf of the Government of Pakistan.

The Board's members, in their written statements, appreciated Pakistan 's outstanding economic performance and reposed their confidence in the current monetary and fiscal policies of the Government of Pakistan.

Washington D.C.

June 2, 2006