Latest news with #NajyBenhassine
Arab News
30-06-2025
- Business
- Arab News
World Bank appoints Bolormaa Amgaabazar as new country director for Pakistan
KARACHI: The World Bank has appointed Bolormaa Amgaabazar as its new country director for Pakistan, effective tomorrow, Tuesday, succeeding Najy Benhassine who had held the position since 2020. Amgaabazar's appointment comes as the World Bank launches a major new 10-year Country Partnership Framework (CPF) with Pakistan, committing up to $40 billion in combined support from its financing arms. The CPF, approved earlier this year, will focus on tackling child stunting, improving education, strengthening climate resilience, and supporting structural reforms to boost private sector-led growth. 'The World Bank and Pakistan have a long-standing partnership that has benefited millions of people over generations,' Amgaabazar said in a statement. 'I look forward to deepening our engagement with the federal and provincial governments, local institutions, civil society, the private sector, development partners, and other stakeholders.' A Mongolian national, Amgaabazar joined the World Bank in 2004 and has worked in East Asia and the Pacific, Africa, and Eastern Europe and Central Asia. She previously held leadership roles in the Bank's offices in the Kyrgyz Republic and, most recently, Indonesia and Timor-Leste. Prior to joining the Bank, she worked in international development in Mongolia and Southeast Asia. 'We will continue to support Pakistan to address some of its most acute development challenges including child stunting, learning poverty, its exceptional exposure to the impacts of climate change, and the sustainability of its energy sector,' Amgaabazar added. Since the World Bank Group started operating in Pakistan in 1950, the International Bank for Reconstruction and Development, the main lending arm of the Bank, has provided over $48.3 billion in assistance. The International Finance Corporation, which focuses on private sector development, has invested approximately $13 billion to advance private sector‑led solutions, and the Multilateral Investment Guarantee Agency, which offers political risk insurance and credit enhancement to encourage foreign direct investment, has provided $836 million in guarantees. The current portfolio for IBRD, IFC and MIGA in Pakistan includes 106 projects and a total commitment of $17 billion. The country has teetered on the brink of economic crisis for several years and economists and international financial institutions have called for major economic reforms. Pakistan is currently under a $7 billion International Monetary Fund bailout program, which requires the country to boost government revenues and shore up external sources of financing, much of which comes from loans from China and Gulf nations.
India.com
26-06-2025
- Business
- India.com
Cash-strapped Pakistan begs for another loan from..., to get Rs 46631675756 loan for...
(File) Pakistan loan: Cash-strapped Pakistan is literally forced to beg for a loan from various financial institutions each month as its crumbled economy is barely enough to keep the country running. According to media reports, the World Bank and the Asian Development Bank (ADB) have approved another $544 million loan for Islamabad for promoting education, and financial security and empowerment of women. World Bank, ADB approves $544 million loan for Pakistan On Wednesday, the World Bank approved a $194 million loan for Pakistan and signed a $350 million loan agreement with ADB to promote financial inclusion and economic empowerment of women. As per a report by Pakistan based Samaa TV, the World Bank loan is meant for two projects– promoting new educational opportunities to children in the restive Balochistan province, and strengthening the country's water security. According to Najy Benhassine, the Country Director for Pakistan for the South Asia region at the World Bank, the primary goal of the project is to improve education opportunities for underprivileged children Balochistan. Additionally, the water security project is aimed to deal with climate change crisis in Balochistan, while the investment in infrastructure and human development will create employment opportunities in the province, the World Bank officer added. The agreement under the Women's Inclusive Finance (WFI) Sector Development Programme was signed on Tuesday by Sabina Qureshi, Additional Secretary, Economic Affairs Division, and Dinesh Raj Sivakoti, Head of Project Administration Unit, Radio Pakistan reported. 'The program will provide women with ample opportunities to better access financial services, expand business opportunities and create new employment opportunities,' the report said. WIF's Sub-Program-2 focuses on four major reform areas, including creating an enabling policy and regulatory environment for the financial inclusion of women, increasing finance for women, strengthening women entrepreneurship capacity and promoting inclusive and equitable workplaces within the financial sector. Pakistan's debt surges to 76,000 billion (PKR) Meanwhile, despite the constant cash-infusion from financial bodies, Pakistan's total debt has surged to 76,000 billion Pakistani rupees in the first nine months of the current financial year, and its economy is expected to grow at a nominal 2.7 percent during the current fiscal, according to the Economic Survey 2024-25 released on June 9. Last year, Pakistan signed a $7 billion External Fund Facility (IFF) loan agreement with the International Monetary Fund (IMF) last year. The second tranche of the loan was disbursed in May this year.
Express Tribune
25-06-2025
- Business
- Express Tribune
World Bank approves $194 million for education, water security in Balochistan
The World Bank will also provide financial support to floods and rains affected farmers of Pakistan by providing them subsidised urea. PHOTO: FILE Listen to article The World Bank has approved $194 million in financing for two key projects aimed at boosting education and water security in Pakistan's southwestern province of Balochistan, state television PTV reported. In a statement issued Wednesday, World Bank Country Director for Pakistan Najy Benhassine said the funding would support the GRADES-Balochistan education initiative and a separate Water Security and Productivity Improvement project. 'The GRADES-Balochistan project aims to reduce learning poverty in the province, while the Balochistan Water Security and Productivity Improvement Project will help address the province's water security challenges and enhance climate resilience,' Benhassine said. He added that the World Bank remains committed to supporting Balochistan through strategic investments that promote job creation, reduce poverty, and strengthen resilience. Access and Delivery of Quality Education Services in Balochistan (GRADES) project will receive $100 million. It aims to benefit 250,000 students by improving enrollment and learning outcomes in early childhood and primary education. The project includes the construction of climate-resilient classrooms, provision of safe transportation, expanded school shifts, and public-private partnerships. It will also support the professional development of 5,000 teachers and award scholarships to 400 female students for pre-service teacher training. 'The GRADES-Balochistan project is a strategically important initiative that addresses critical gaps in access to and quality of pre-primary and primary education in the province,' said Inga Afanasieva, the project's team leader. The remaining $94 million will go toward enhancing water productivity and climate resilience across key districts in Balochistan.
Business Recorder
25-06-2025
- Business
- Business Recorder
World Bank approves $194mn to support education & access to water in Balochistan
ISLAMABAD: The World Bank Board of Executive Directors on Tuesday approved $194 million for two projects to enhance educational opportunities for children and boost water security in Balochistan. 'The GRADES-Balochistan project aims to reduce learning poverty in the province, while the Balochistan Water Security and Productivity Improvement Project will help address the province's water security challenges and enhance climate resilience,' said Najy Benhassine, World Bank Country Director for Pakistan. 'The World Bank remains committed to supporting Balochistan through strategic investments in infrastructure and human development to build the foundations for more job creation, poverty reduction, and stronger resilience,' he added. The Getting Results: Access and Delivery of Quality Education Services in Balochistan (GRADES-Balochistan) project, i.e. $100 million, will benefit 250,000 students with a focus on increasing enrollment and improving literacy and numeracy skills in early childhood and primary education. Pakistan seeks fourth restructuring of $393.73mn WB-funded higher education project The project will also provide support for 5,000 teachers through continuous professional development programs. Additionally, scholarships will be provided to 400 female students to pursue teacher pre-service education, fostering a new generation of educators who will serve as mentors and role models. 'The GRADES-Balochistan project is a strategically important initiative that addresses critical gaps in access to and quality of pre-primary and primary education in the province,' said Inga Afanasieva, Team Leader for the project. 'The project not only aims to enhance educational infrastructure but also to increase resilience to disasters and environmental sustainability. These efforts underscore the World Bank's commitment to creating a safer and more sustainable future for the children of Balochistan.' Meanwhile, the World Bank also approved the Balochistan Water Security and Productivity Improvement Project (BWSPIP) i.e. $94 million, which aims to improve the lives of smallholder and tenant farmers in the Nari, Talli, and Lehri river basins of the Kachi Plain and improve water supply services in Quetta. The project is expected to benefit 500,000 people with improved access to basic water supply services and benefit more than 80,000 people by providing climate-resilient infrastructure. Key elements include enhancing flood protection, increasing access to water for productive use, and improving water supply service delivery. 'The project supports the implementation of Pakistan's Resilient Recovery Framework and aims to provide significant benefits for the farming communities in the province as well as for the residents of Quetta. It will also empower women in community-level water management,' said Carolina Dominguez Torres, Task Team Leader for the Project. 'Through strategic investments, improved water management, and community engagement, the project aims to deliver lasting benefits for the sustainable development of Balochistan.' The GRADES project, designed to reduce learning poverty, and the BWSPIP project, designed to reduce child stunting through increased access to safe water and sanitation services, are key outcome targets under the 10-year Country Partnership Framework for Pakistan, the World Bank said.
Express Tribune
20-06-2025
- Business
- Express Tribune
PM directs finalising industrial policy
Prime Minister Shehbaz Sharif on Thursday directed the early finalization of the industrial policy to boost production and provide sustainable solutions to the challenges facing the industrial sector. Chairing a meeting on industrial development, he emphasized that the policy must be prepared in consultation with all relevant stakeholders. The prime minister said equipping local industries with a skilled workforce and modern technology in line with international standards was a top government priority. During the meeting, recommendations for the development of national industries were presented to the prime minister. Vocational training Prime Minister Shehbaz Sharif directed to align all vocational and technical training offered across Pakistan with international standards to enhance global employability of the country's youth and boost foreign remittances. Chairing a high-level meeting on the operations of the National Vocational and Technical Training Commission (NAVTTC), the prime minister emphasized the need for globally accredited training programs to strengthen Pakistan's skilled workforce and increase its demand in international markets, a Prime Minister's Office news release said. The NAVTTC officials briefed the prime minister on recent initiatives, including the mapping of vocational institutions nationwide and the activation of the National Technical and Vocational Training Data Management System. WB country director Prime Minister Shehbaz Sharif on Thursday held a farewell meeting with the outgoing Country Director of the World Bank in Pakistan, Najy Benhassine. During the meeting, the prime minister expressed best wishes for Najy Benhassine and prayed for his health and success. "You played a pivotal role in strengthening the partnership between Pakistan and the World Bank, for which we are grateful," the prime minister said while talking to Benhassine.
