
-
Indian army says new exchange of gunfire with Pakistan
-
Epstein accuser Virginia Giuffre takes own life in Australia: family
-
Hundreds of buildings damaged, dozens injured in 6.3 Ecuador quake
-
India and Pakistan's Kashmir fallout hits economy too
-
Francis's funeral to be grand farewell to 'pope of the poor'
-
Pogacar faces defiant Evenepoel at Liege-Bastogne-Liege
-
Chelsea eye great escape against Barcelona in Women's Champions League
-
Iran, US to hold new round of high-level nuclear talks
-
'Energy and effort' pay off for Reds as Blues' woes continue
-
Albatross and closing birdie lift China's Liu to LPGA Chevron lead
-
On the horizon? Wave of momentum for high seas treaty
-
Developing countries should fast-track US trade deals: World Bank president
-
Grizzlies' Morant 'doubtful' for must-win game 4 v Thunder
-
Trump in Rome for pope funeral in first foreign trip of new term
-
Trump says Russia-Ukraine deal 'very close' after new Kremlin talks
-
US rookies lead PGA pairs event with McIlroy and Lowry in hunt
-
Trump tariff promises get a reality check
-
Warriors coach Kerr 'relatively optimistic' injured Butler will play game 3
-
Postecoglou hopes 'Stonecutter's Credo' can inspire Spurs
-
PSG lose unbeaten Ligue 1 record ahead of Arsenal showdown
-
Venezuela accuses El Salvador president of 'human trafficking'
-
Own goal takes Sundowns to African final against Pyramids
-
Scores of buildings damaged, 20 injured in Ecuador quake
-
US stocks extend rally as market eyes busy calendar next week
-
Pope's death triggers surge of disinformation he fought against
-
Rovanpera takes control of Rally Islas Canarias
-
Zelensky insists Crimea is Ukrainian as US envoy meets Putin
-
Patel and Mendis help Sunrisers beat Kings in Dhoni's 400th T20
-
Copa del Rey ref statements 'unacceptable': Real Madrid after boycotting final build-up
-
Insurance CEO's accused killer pleads not guilty to federal murder charges
-
FBI arrests Wisconsin judge for shielding undocumented migrant
-
Brazil ex-president Collor de Mello jailed for corruption
-
Zelensky insists Crimea 'belongs' to Ukraine as US envoy meets Putin
-
Real Madrid boycott Copa del Rey build-up over referee complaints
-
Trinidad and Tobago votes for parliament, PM, with opposition in lead
-
IMF chief hails 'constructive' Spring Meetings held under tariff uncertainty
-
Iran FM Araghchi in Oman ahead of nuclear talks with US
-
Dozens of buildings destroyed, 20 injured in Ecuador quake
-
Young Barca must 'enjoy' Real Madrid Copa final fight: Flick
-
Pakistan and India border closure separates families
-
Brazil's Bolsonaro 'stable' after post-surgery setback
-
Catholics in secular Cuba hail Francis as 'bridge'
-
US envoy Witkoff, Putin discuss 'possibility' of direct Russia-Ukraine talks
-
Community seeks answers after French school knife killing
-
German prosecutors seek jail terms in VW 'dieselgate' trial
-
Sabalenka makes winning start at Madrid Open
-
EU, US should de-escalate and negotiate trade deal: IMF Europe director
-
Russia accuses Ukraine of killing general in car bombing
-
Emery wants FA Cup glory and Champions League berth for Villa
-
Buildings destroyed, one injured in Ecuador quake

World Bank plans $20 bn payout for Pakistan over coming decade
The World Bank plans to loan cash-strapped Pakistan $20 billion over the coming decade to nurture its private sector and bolster resilience to climate change, Prime Minister Shehbaz Sharif said.
Pakistan came to the brink of default in 2023, as a political crisis compounded shock from the global economic downturn and drove the nation's debt burden to terminal levels.
It was saved by a $7 billion bailout from the International Monetary Fund (IMF) and has enjoyed a degree of recovery, with inflation easing and foreign exchange reserves increasing.
Sharif said the World Bank funding would be used for "child nutrition, quality education, clean energy, climate resilience, inclusive development and private investment".
The deal "reflects the World Bank's confidence in Pakistan's economic resilience and potential," he said on social media platform X on Wednesday.
Pakistan has for decades grappled with a chronically low tax base and mammoth amounts of external debt, which swallow up half its annual revenues.
The IMF deal -- Pakistan's 24th since 1958 -- came with stern conditions that the country improve income tax takings and cut popular power subsidies, cushioning costs of the inefficient sector.
The World Bank said the new $20 billion scheme would begin in the fiscal year 2026 and last until 2035.
"The economy is recovering from the recent crisis as the government has launched an ambitious programme of fiscal, energy and business environment reforms," said a summary of the plan released by the World Bank.
But it warned that a "track record of past stop-and-go reform episodes handicaps the government's credibility", meaning that new investment may be "slow to materialise".
The World Bank therefore plans for "more selective, stable, and larger investments in areas critical for sustained development and that require time and persistence for impact", it said.
The World Bank's Pakistan director Najy Benhassine said in a statement the deal "represents a long-term anchor" that will "address some of the most acute development challenges facing the country".
M.Thompson--AMWN