World Bank repurposes $370mn to Pakistan for relief work: Miftah Ismail

August 26, 2022 (MLN): World Bank has repurposed $370 million to Pakistan on an immediate basis to support the economy and relief work, Miftah Ismail informed on Friday while addressing a press conference.

He also reiterated the business community and general public to come forward and take part in relief activities. He also appreciated the All Pakistan Textile Mills Association (APTMA) and Karachi Chamber for supporting the relief and rehabilitation of the people and infrastructure in flood-hit areas.

Ministry of Finance has also allocated Rs28 billion for the flood affectees while, Rs5bn will be allocated to National Disaster Management Authority (NDMA) to compensate those families who have lost their loved ones.

Upon the directives of the federal government, the Flood Relief Fund has been established for providing relief and rehabilitation to the affected population due to torrential rains and flash floods in many parts of the country. 

The fund will be administered by the NDMA while the Accountant General Pakistan revenue will maintain accounts of the fund.

With regards to the recent announcement by the Prime Minister on Fuel Cost Adjustment (FCA) in electricity bills, Miftah Ismail clarified that the electricity bills under the consumption of 200 units will be reissued.

He further stated, “If the bill has already been paid, the amount of FCA will be adjusted in September’s billing.”

Talking about IMF, he underlined that the government has already fulfilled all the conditions of the fund and hoping a positive outcome of the fund’s review which will be held on August 29.

Highlighting the Prime Minister’s successful visit to Qatar, he said, the Qatar Investment Authority will invest $3bn in various commercial and investment sectors in Pakistan.

Qatar is interested in investing in Hawelli Bahadur and Baloki power plants. It has shown interest in investing in Pakistani airports, solar energy projects, and a freight terminal at Port Qasim, he added.

He went to say that Qatar has also expressed its interest to invest in solar power plants and administer Lahore and Islamabad airports.

He also mentioned that Pakistan is likely to get oil on deferred payment from Saudi Arabia while UAE will invest around $2bn.

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