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The World Bank has approved a $500 million loan program help Pakistan increase its health capacity and inprove education facilities, generate jobs for women and strengthen social safety nets under its efforts to fight the impact of the Covid-19 pandemic.
Pakistan will be able to receive the loan well before the current fiscal year ends on June 30 as the loan is set for a quick disbursement as part of World Bank’s international efforts to mitigate the effect of the coronavirus pandemic.
“The global COVID-19 pandemic is impacting day-to-day life in Pakistan – not solely from economic disruptions but also additional stress on public services that jeopardise human capital accumulation,” said Illango Patchamuthu, the bank’s country director for Pakistan.
“This program underscores the criticality of universal healthcare and social protection services that are durable to exogenous shocks such as Pakistan is facing now”, he added.
Known as the securing human investments to foster transformation (Shift), the program would support policy reforms to help Pakistan’s COVID-19 emergency response and protect human capital investments. It would support coordination between provinces and federal authorities to immunise millions of children and reduce their risks of contracting polio and other diseases. Shift also improves targeted safety net programs that would benefit 12 million people impacted by the COVID-19 crisis, both at the federal and provincial levels.
The project will be financed by the International Development Association — a concessional window of the World Bank — and will have a 30-year maturity with a five-year grace period.
