Signing of a loan agreement of 400 million dollars for KP

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ISLAMABAD:

The federal government will provide all possible support to provincial agencies to restore human capital by building a resilient service delivery system and fostering economic opportunities to ensure the country’s economic growth, said Economic Affairs Minister Omar Ayub Khan.

His comments came during the signing ceremony of a loan agreement for the Khyber-Pakhtunkhwa Effective Spending for Enhanced Development (SPEED) program worth $ 400 million with the World Bank on Friday.

The program aims to help the government of Khyber-Pakhtunkhwa improve the availability and management of public resources for the delivery of primary, middle and secondary education and primary health services in the province.

Read: A loan of $ 335 million guaranteed for vaccines

The program will add a medium-term perspective to tax planning and budgeting to create fiscal space for the delivery of education and health services and to provide funds and personnel for this service delivery.

Improved public finance management will be ensured through the delegation of greater financial management authority to operational departments, the deployment of integrated financial management information systems and the modernization of procurement processes.

Ayub called the ceremony a reflection of the continued confidence of the international financial institutions (IFIs) in the policy and program of the Pakistani government.

He thanked the national leadership of the World Bank for its continued support to the Pakistani government in achieving sustainable economic development.

World Bank Country Director Najy Benhassine highlighted the continued financial and technical support of the global lender to the government of Pakistan to achieve priority development goals and promote inclusive and sustainable economic growth in the country.

The secretary of the Economic Affairs Division, Noor Ahmed, was also present on the occasion.

Read more: World Bank sets strict loan conditions

Foreign funded projects

Separately, Ayub chaired a meeting on Khyber-Pakhtunkhwa government’s foreign-funded projects and reviewed the progress of the existing portfolio.

During the meeting, he stressed the need to remove all bottlenecks and to implement projects in an accelerated manner.

In order to ensure smooth and timely completion of the projects, he requested the authorities to review the progress of the projects on a monthly basis.

The meeting brought together all senior officials of the Economic Affairs Division.


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