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World Bank sets terms on Pakistan for loan

Just Earth News | @justearthnews | 09 Feb 2022, 03:41 am Print

World Bank sets terms on Pakistan for loan World Bank

Image: wikimedia Commons

Washington/UNI: The World Bank on Wednesday has demanded Pakistan to meet for conditions during the current fiscal year to be able to get approval for a USD 350 million programme loan.

World Bank Country Director for Pakistan Illango Patchamuthu tweeted, "To unlock Pakistan's USD 36 billion digital finance potential, it will take high-level commitment, faster payments gateway, lower costs, fast track licencing for fintech (financial technology) sector and digitisation of all government payments."

The News International quoted Director as saying that widespread use of digital payments in Pakistan offers a 7 per cent boost of GDP, can create 4 million jobs, mobilise over USD 250 billion in deposits and formalise large parts of the cash economy.