'Pakistan News' The World Bank repaid a loan of 304 million to Punjab

 

'Pakistan News' The World Bank repaid a loan of 304 million to Punjab

"Pakistan News" The World Bank's Board of Executive Directors approved 304$ million in financing for the Punjab Resource Improvement and Digital Utilities Program (PRIDE).

The loan supports public resource management capabilities that generate savings and create financial space for development investment in Punjab. The World Bank Country Director for Pakistan, Naji Banhasin, said, “The parade program is an essential element of the World Bank's country-wide approach in helping Pakistan strengthen its public financial management system at the federal and provincial levels. ۔ " "Punjab is the largest province in the country with 55% of the population and 60% of the economy, so improving quality and access to public services is key to Pakistan's development."

"Pakistan News"  According to the WB prescription, Pakistan is at a crossroads because it is related to COVID-19 epidemics. Periodic economic crises and a lack of human capital have limited the country's development prospects. Over the past two decades, Pakistan's economic growth has averaged 4.4 percent a year, less than the South Asian average of 3.3 percent a year. Slower growth in exports due to low investment in human capital, slow progress in structural reforms, low private investment, and immovable currency, among others, hinders growth prospects. The country is making good progress in stabilizing its economy and improving structural reforms. However, the Covid 19 epidemic will have significant negative effects on the economy. Business shutdowns and disruptions to the supply chain are significantly affecting the services and manufacturing sectors, which account for about 80 percent of gross domestic product (GDP).

"Pakistan News"  The PRIDE program will assist the Punjab government in strengthening financial risk management and budgeting to ensure reliable allocation of resources for public services. The program will increase business and real estate registration, and improve tax collection by simplifying tax administration processes such as registration, filing, payment, refund and appeal. In the context of COVID-19, the program also focuses on designing technology-based solutions to increase the delivery of public services and increase access to online services for firms and individuals. This will help Punjab in digitizing important government services to streamline the process and increase the efficiency of public service delivery.

"Pakistan News"  Kamil Akmal Minallah said, “With prolonged restrictions on face-to-face services due to COVID-19, the PRIDE program allows the provincial government to expand its existing civic opinion model and mobilize revenue and use technology for public procurement The program also includes oversight and transparency procedures at the provincial and local levels that enhance government accountability.

"Pakistan News"  Punjab is also one of the two provinces most affected by the 19 epidemics. The government's estimate shows that Punjab could lose four per cent of its GDP every month of lockdown. The economic downturn is likely to increase unemployment in Punjab by five to eight million, pushing many households below the poverty line. The province relies on federal transfers from the distribution pool for most of its budget resources. To increase investment in development priorities, Punjab has sought to increase its open source revenue (OSR) mainly through provincial taxes.

"Pakistan News"  However, the economic downturn caused by the epidemic is expected to lower the province's OSR, financing its emergency response and maintaining an already modest investment in human capital and infrastructure. Very few resources will be available.

"Pakistan News"  PRIDE supports Punjab's growth strategy and Punjab's public financial management reform strategy, which aims to develop a strong public financial management system. The program is also in line with the responsible investment for social protection and economic stimulus designed by the Punjab government to increase resilience to the epidemic recovery movement and future shocks. Together with PRIDE, these initiatives formulate a roadmap for Punjab to accelerate the digitization of government services and ensure business continuity during emergencies. The World Bank document for the Governance and Anti-Corruption Management Program states that in Pakistan, there is an anti-corruption framework that includes legislation, anti-corruption investigative agencies and a dedicated court for anti-corruption. This includes enabling the system. In addition, the ombudsman has the same mandate and general mandate at both the federal and provincial levels.

"Pakistan News"  The borrower is required to implement the program in accordance with the provisions of the Anti-Corruption Guidelines (ACG). The GOPB (Government of Punjab) will provide the World Bank annually or more frequently with its verified reports, including any credible allegations of fraud and corruption received and registered under the program, as well as related investigations and Report actions taken as needed. The reporting template will be agreed with the World Bank. Collectively, the World Bank will also share information with the Secretary of the Treasury about any allegations or concerns about fraud and corruption.