World Bank approves $400m for K-P
Loan will address staff and budget issues in education and health sectors
World Bank. PHOTO: FILE
ISLAMABAD:
The World Bank has approved a new loan of $400 million for Khyber-Pakhtunkhwa (K-P) province for addressing staff and budget issues in education and health sectors - the tasks that can be performed without contracting more debt.
The World Bank’s Board of Executive Directors approved $400 million in financing to support Pakistan in accelerating investments in education and health services in the K-P province, said the World Bank on Friday.
It added that the K-P Spending Effectively for Enhanced Development (SPEED) programme would help the provincial government strengthen its management of public resources and fiscal planning to sustain human capital investments in education and healthcare services.
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Is Pakistan ‘Drowned In Debt’ And Losing Its Political & Strategic Autonomy To China?
Sun Online Desk
1st January, 2021 08:14:26
China, with its BRI (Belt and Road Initiative) project, is making sure that Pakistan is completely debt-trapped, forced to ‘part’ with its territories, and loses political and strategic autonomy significantly.
Media reports have indicated that China is not inclined to entertain Islamabad’s request to finance the US$6.1 billion Main Line-1 (ML-1) railway project, the biggest component of the Chinese flagship CPEC (China-Pakistan Economic Corridor) project, at a 1 percent interest rate.
In the ML-1 project, the interest rates have been negotiated, re-negotiated, suspended, and re-commenced. Beijing is aware that in the given global scenario and Pakistan’s precarious financial state, it cannot dictate terms and hence after some posturing, will be forced to accept the Chinese terms, whatever be the cost political, economic, and strategic.