Pakistan Receives $4.4 Billion in Financial Aid from World Bank and ADB in FY22-23

In the fiscal year 2022-23, Pakistan successfully obtained a substantial financial boost, receiving a total of $4.4 billion in funding from the World Bank and the Asian Development Bank (ADB). While this inflow of funds provided significant support to the country’s development objectives, it fell short of the budgeted estimates, showing a shortfall of $1.436 billion, according to official data released by the Economic Affairs Division.

The government had initially budgeted $3.202 billion from the ADB for the fiscal year 2022-23. However, during the review period, Pakistan received $2.266 billion, which was slightly lower than the expected amount.

Similarly, the budgeted amount of $1.271 billion from the International Bank for Reconstruction and Development (IBRD) was not fully realized, as Pakistan received $290.06 million. On the other hand, the country managed to secure a higher sum of $1.807 billion from the International Development Association (IDA) compared to the budgeted amount of $1.363 billion.

Amid these developments, the Ministry of Economic Affairs hosted an Appreciation Ceremony to recognize and commend the contributions of relevant officers from the Economic Affairs Division and the esteemed partners, the World Bank and the Asian Development Bank, for their exceptional efforts in facilitating these financial inflows during FY22-23.

The Minister of Economic Affairs highlighted the critical role played by the WB and ADB in supporting Pakistan during challenging times, such as dealing with the adverse impacts of the devastating floods in 2022 and addressing balance of payment issues. Additionally, these funds helped accelerate the implementation of various development projects in the country.

The Minister further emphasized the collective efforts that enabled the successful disbursement of $4.4 billion during FY2023, setting a remarkable precedent for future achievements.

The Secretary of Economic Affairs expressed gratitude to both the World Bank and the Asian Development Bank for their responsive approach to Pakistan’s development needs, especially during emergency situations. He also acknowledged the dedication and rigorous follow-up by the Ministry of Economic Affairs and the banks to overcome potential obstacles.

At the event, Najy Benhassine, the Country Director of the World Bank in Pakistan, and Mr. Yong Ye, the Country Director of ADB in Pakistan, praised the unwavering commitment of the Ministry of Economic Affairs and its team. They underscored the harmonious partnership between the organizations, which played a crucial role in ensuring the smooth flow of funds to support Pakistan’s development initiatives.

In recognition of their outstanding contributions, the Minister awarded appreciation certificates to the exceptional team members from the Asian Development Bank, the World Bank, and the Ministry of Economic Affairs, further strengthening the spirit of collaboration and mutual support between the stakeholders.