Pakistan on Tuesday signed up 3 loan contracts value a total of $918 million with the World Bank. Adviser to the Prime Minister on Finance, Revenue and Economic Affairs Dr. Abdul Hafeez Shaikh noticed the registering of the contract between Country Director World Bank Patchamuthu Illangovan and Economic Affairs Division Secretary Noor Ahmed. The representatives of the Higher Education Commission ( HEC ) and Govt of Khyber Pakhtunkhwa signed their respective task contracts.
After the contracts were signed up, the World Bank’s country director held a conference with Dr Sheikh, who thanked the World Bank “for extending their continuous support to Pakistan’s govt in its efforts to achieve the sustainable economic growth of the country.
” The information of the 3 project the funds will be used for are as follows :
‘Pakistan Raises Revenue Program’ — $400 million
The program is aimed at “contributing to a sustainable rise in domestic revenue by broadening the tax base and facilitating compliance,” a media announce from the Economic Affairs Division declared. It is hoped that the program increases Pakistan’s tax to GDP ratio to 17 percent, boost the variety of active taxpayers to 3 .5 million, reduce the compliance burden of paying taxes and develop the efficiency of customs controls.
‘Higher Education Development in Pakistan’ — $400 million
The improvement objective of the program is to “support analysis in strategic sectors of the economy, develop teaching and learning and strengthening governance in the higher education sector .” The finances will be utilized towards nurturing academic excellence in strategic sectors, supporting decentralized higher education institutes for improved training and learning, equipping students and higher education organizations with modern technology, higher education administration information system and data-driven services and capability constructing, project administration and monitoring & evaluation.
‘Khyber Pakhtunkhwa Revenue Mobilisation and Resource Management Program’ — $118 million
This program is expected to improve collecting KP’s own revenue and develop the management of public resources. “This objective is to be achieved through efficient revenue mobilization, effective public resource administration and capacity constructing to enhance e-government functionality,” the media announce declared. The program will help the govt of Khyber Pakhtunkhwa to mobilize its own source revenue to and come up with the efficient and strategic use of the province’s financial resources.