WB sanctions $500 million to Pakistan for energy reforms

STAFF REPORT ISB: The energy sector of Pakistan has been in tatters for past few years and industrialization and domestic decree due to power shortage has left a number of unemployment and other associated social issues. The World Bank (WB) has recently approved an amount of $500 million financial support to Pakistan which will be soon processed.

This was revealed by Ministry of Finance. The sources apprised that the amount has been sanctioned in lieu of carrying out energy sector reforms which are mandatory in order to bring out energy conservation and load management protocols for industrial and the domestic consumers.

The Ministry also gratified the support from WB and said that it is a token of their confidence on the incumbent government which is putting serious efforts to mitigate energy crisis in the country through number of energy projects including Quad e Azam Solar Power Park, Bahawalpur, Nandipur Power Project, Sahiwal Coal Project, K-2, K3 Nuclear power Plants, Karachi and many other projects are in pipeline.