Daily Times June 30, 2021 The World Bank (WB) has approved $800 million financing for Programme for Affordable and Clean Energy (PACE) and the Second Securing Human Investments to Foster Transformation (SHIFT-II) programme. World Bank Country Director for Pakistan, Najy Benhassine said that the reforms underpinning PACE and SHIFT can contribute to facilitating sustainable investments and generate welfare gains for those most in need, according to a statement issued on Tuesday. The $400 million PACE focuses on measures to improve the financial viability of the power sector and support the country’s transition to low-carbon energy. PACE prioritises actions needed to initiate critical power sector reforms focused on: reducing power generation costs; better targeting of subsidies and tariffs for consumers; and improving efficiencies in electricity distribution with the participation of the private sector. Additional medium-term reforms are under development, focusing on subsidies, competitiveness, and power sector sustainability. The goal is to reduce circular debt over the long-term.