Wednesday, November 29, 2023

World Bank Approves $800 Million to Improve Pakistan’s Energy Sector

The executive board of the World Bank (WB) on Tuesday approved $800 million to finance the energy sector in Pakistan.

The programs include the Pakistan Programme for Affordable and Clean Energy (PACE) and the Second Securing Human Investments to Promote Transformation (SHIFT II).

According to the released statement, the $400 million clean energy project focuses on measures to improve the energy sector’s financial viability and support the country’s transition to low-carbon energy.

“The program supports reforms to encourage women’s participation in the economy, improving working conditions and empowering those in the informal sector. It supports improving national safety net programs and better targeting to protect the most vulnerable, building resilience to shocks. such as Covid- 19 pandemic,” the press release said.

“PACE prioritizes actions needed to initiate critical energy sector reforms with a focus on reducing energy generation costs, better targeting subsidies and tariffs to consumers, and improving electricity distribution efficiency with the participation of the private sector,” said the statement.

“The program will help improve health and education services, increase income-generating opportunities for the poor and promote inclusive economic growth,” the statement said.

Tazeen Fasih, WB Task Team Leader for the SHIFT II program, ​​said: “Strengthening services that create human capital in a coordinated manner between provincial and federal authorities, along with improving the targeting of social safety nets, will better support families to recover from the Covid-19 crisis and pave the way for more robust preparedness for future crises.”

According to the WB, these reforms will increase budget reliability for sustainable financing of childhood immunization and quality primary health programs, promote student attendance and support data-driven decision-making.

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