World Bank sets $5.5 billion in aid for Pakistan
WASHINGTON: The World Bank on Thursday said it would provide Pakistan with $5.5 billion in development aid over the next two years.
“The Bank has responded flexibly in the face of the tremendous challenges Pakistan has gone through over the past year or so,” said its Pakistan country director Rachid Benmessaoud.
“We will continue our strong support to Pakistan, while keeping a keen eye on implementation to ensure that these efforts translate into real results on the ground,” he said.
The bank’s progress report on its Pakistan program said its efforts had been disrupted over the past two years by the devastating floods of 2010-2011, ongoing security problems as well as “slow economic reform”.
“Shifting the focus and resources in response to the floods led to a delay in infrastructure investments,” it said.
It said Pakistan’s economic recovery from the floods and other problems remains slow, with growth of 3.9 per cent expected next year.
“A range of governance, corruption and business environment indicators suggest that these areas remain a challenge,” it added.
The funds include $4 billion in development assistance and $1.5 billion from the bank’s International Finance Corporation, which helps private sector firms.
“We are committed to helping Pakistan realize its potential especially in key sectors such as infrastructure, renewable energy and agribusiness,” said IFC Middle East director Mouayed Mahlouf.
US offers compensation to Pakistan
WASHINGTON: The United States has offered to send a team to Pakistan to brief the military on the findings of its investigation into the Nato raid, the State Department said on Thursday.
“We accept responsibility for mistakes committed by the US side in the Nato air strike incident” that led to the death of 24 Pakistani soldiers, the department’s deputy spokesman Mark Toner told a briefing.
The US, he said, was prepared to offer compensation to the families of troops who lost their lives.—Correspondent
Business News
| Thu, 22 Dec 2011 |
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| - | Gas closure hits Faisalabad industries, CNG stations
FAISALABAD: Gas supply to Faisalabad industrial sector has been halted for four days while the CNG stations are close |
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| - | Euro remains under pressure in Asia
TOKYO: The euro was under pressure in Asian trade Thursday after action by the European Central Bank to provide ch |
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| - | Oil up as US crude stocks fall
SINGAPORE: Oil rose in Asian trade Thursday, boosted by a stronger-than-expected drop in US crude stocks, analysts |
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| - | Asian markets down amid ECB loan skepticism
HONG KONG: Asian markets slipped on Thursday as traders questioned whether a European Central Bank move to pump ch |
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| - | CNG stations may be closed for 2 months
ISLAMABAD: Sources in Sui Northern Gas Pipelines have revealed that government is considering closing CNG stations |
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| - | Rupee hits record low at Rs 90 to US dollar
KARACHI: The Pakistani rupee traded at a record low on Wednesday hurt by import payments and a bleak economic outl |
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| - | Asian markets rise on upbeat US, European news
HONG KONG: Asian markets enjoyed some Christmas cheer Wednesday as strong US housing data and a successful bond is |
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| - | Euro holds up in Asia following upbeat data
TOKYO: The euro was rangebound against the dollar in Asian trade Wednesday despite an earlier boost from an unexpe |
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| - | Oil higher on US data
SINGAPORE: Oil rose in Asian trade Wednesday as investors drew confidence from positive US data, analysts said.br |
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| - | CNG stations shut for 24 hours
KARACHI: Faced with extraordinarily low gas pressure, the Sui Southern Gas Company on Tuesday announced yet another |
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| - | Wall Street rallies 3 percent in broad advance
NEW YORK: Stocks rallied nearly 3 percent on Tuesday as investors bought surging banks, homebuilders and networking |
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| - | KSE 100-share index gains 255 points, ends at 11,338
KARACHI: The Karachi Stock Exchange s (KSE) benchmark 100-share index ended 2.30 percent, or 255.01 points, higher |
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| - | World economy at a ''very dangerous juncture'': IMF chief
LAGOS: The world economy is at a "very dangerous juncture", IMF chief Christine Lagarde said on Tuesday referring |
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| - | 24-hr CNG closure to hit Sindh
KARACHI: All CNG stations in Sindh including Karachi will remain closed for 24 hours, starting from 9 am on Wednesday |
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 LATEST/BRIEF NEWS: · Pakistan rejects probe findings on Nato raid · SC resumes Memo case hearing · You’re subservient, or you’re mistaken, PM tells military · MQM’s public rally today in Multan · Great singer Noor Jehan being remembered today · Sindh CNG stations closed 2nd time in a week · Pentagon admits mistakes in Nato attack · 'There cannot be a State within a State' · Pakistan, most dangerous for media: RSF · Govt to do no harm to country: Zardari · Holiday in Sindh on BB anniversary
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| Mohammed Saleem Mansoori
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