The Nation/30-06-2020

ISLAMABAD: The World Bank’s Board of Executive Directors approved $500 million in financing for the Resilient Institutions for Sustainable Economy program (RISE) to help Pakistan strengthen fiscal management, promote transparency and private sector growth, and undertake foundational reforms in the energy sector to transition to low-carbon energy. These reforms are critical to build fiscal resilience and stimulate recovery from impacts of the COVID-19 pandemic. The project will be financed by a $250 million credit from the International Development Association (IDA) and a $250 million loan from the International Bank for Reconstruction and Development (IBRD). The IDA credit has a maturity of 30 years with a 5-year grace period and the IBRD loan has a maturity of 25.5 years and 5.5-year grace period.