Do More With Reuters
Partner Services

World Bank, Pakistan in talks on funding - official

Wed Jul 16, 2008 8:15pm IST
 
Email | Print | | Single Page
[-] Text [+]

WASHINGTON (Reuters) - The World Bank is in discussions with Pakistan on a broad economic package that could include reforms agreed by the authorities and financing by the bank to stabilize the economy, a senior bank official said Wednesday.

Rob Floyd, the World Bank's program manager for Pakistan, denied media reports that the World Bank had approved a $500 million emergency loan to Pakistan, which like other countries around the world is struggling to cope with soaring fuel and food prices.

"The World Bank has been in discussions with Pakistan on a stabilization package that may include reforms from their sides and financing from ours but we have not come to closure on that," Floyd told Reuters.

He said discussions had been going on for several months.

The country's new civilian government, which took over after eight years of military rule under President Pervez Musharraf in February, has sought to take urgent action to deal with slowing economic growth, inflation that is running at over 20 percent, an exchange rate that is at all-time low, and currency reserves that are rapidly dwindling.

REUTERS WEEKEND

Glory for Big B

Lifetime award for Bollywood actor Amitabh Bachchan.  Video 

'Trashy' Affair

Beijing man turns unwanted plastic bags into kites.  Video 

 
The new Droid phone, a Motorola Inc. and Verizon Wireless phone based on Google Inc's Android 2.0 system, is shown at a media event in New York October 28, 2009.REUTERS/Brendan McDermid
Motorola Droid

Not the Droid you’re looking for?  Blog 

View of the Casa Poporului or House of the People, now the Parliament Palace, in downtown Bucharest November 6, 2009.  REUTERS/Bogdan Cristel
Travel Postcard

48 hours in Bucharest for architecture buffs.  Full Article 

 
Russian Finance Minister Alexey Kudrin poses with his G20 colleagues and central bank leaders during the family photo at the G20 Finance Ministers meeting at a hotel in St. Andrews, Scotland. REUTERS/POOL New
Pledge to support economies

G20 financial leaders pledged to prepare strategies to end emergency support for their economies, but to keep the aid flowing until recovery was assured.  Full Article | Related Story 

Photo
Miss England gives up crown over brawl reports Friday, 6 Nov 2009 

LONDON (Reuters) - Beauty pageant winner Miss England gave up her title on Friday after reports she had been involved in a nightclub brawl with another beauty queen.  Full Article