Finance Minister chairs briefing session on International Development Association-18 Replenishment process
Islamabad, March 17, 2016 (PPI-OT):Finance Minister, Senator Mohammad Ishaq Dar here on Thursday chaired a briefing session on the IDA-18 Replenishment process. Secretary Economic Affairs Division (EAD) briefed the Minister about the deliberations held by the World Bank Group on IDA-18 replenishment process at Paris from 13-15 March 2016. The deliberations he said were attended by 48 IDA donors and 14 IDA beneficiary countries representatives. Pakistan represented South Asian beneficiary countries on the occasion.
During the course of the deliberations it was decided that Investment in growth resilience, gender, job creation and climate resilience would be the target sectors for IDA financing. The Pakistan representative emphasized concessional financing for green energy and financing for human resource development. During the deliberations it was also decided that there would be four rounds of discussion on IDA replenishment and final round will be held in December this year.
It may be mentioned that IDA financing is the most concessional financing made available by the World Bank Group. Pakistan will continue to be a beneficiary of IDA-18. Pakistan has also decided to become IDA donor. Prime Minister Mohammad Nawaz Sharif on the recommendations of the Finance Minister Ishaq Dar has decided to contribute USD 25 million for the three year IDA-18 cycle.
The Finance Minister on the occasion appreciated the position taken by Pakistan’s representative at the IDA meeting/deliberations and directed the EAD to keep close coordination with the IDA-18 replenishment process. Senior officials of the Finance Division and EAD attended the meeting.
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