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World Bank to speed up flood aid Pakistan

world bankWashington: World Bank has increased funding to help Pakistan cope with devastating floods of 100 million dollars, totaling $ one billion, the bank said in a statement Wednesday.

The World Bank is committed to helping the people of Pakistan in this hour of need and made a billion dollars available to fund the immediate needs of recovery and reconstruction in the longer term, the statement quoted the World Bank Robert Zoellick said that Pakistani President Finance Minister Hafeez Shaikh Washington.

The funds will be redirected to flood use the money already provided to Pakistan. They come from the International Development Association, the Bank Fund for countries and supports transportation and interest payments, the statement said.

Zoellick also said that Sheikh continued economic reforms, institutional and management essential to maintaining donor confidence.

We need to respond forcefully to the crisis at hand, but must do so without forgetting the important economic reforms, he said.

He reiterated the commitment is economic and governance reforms, is important to mobilize domestic revenue and to ensure that funds reach the poor, it is intended. donor response floods also depends on government’s ability to produce in this area, he said.

Shaikh is a part of Washington visited the International Monetary Fund talks about Pakistans $ 11 billion IMF loan program. While vowing to stay on track in 2008, the IMF loan program, under which in March agreed to take the fiscal and energy sector reforms, the minister said the international community informed of the problems of Pakistan in the face of floods catastrophic.

Pakistani Information Minister Qamar Zaman Kaira said on Wednesday the country would experience an economic growth of only 2.5 percent for the year to June 2011 due to the impact of flooding, reducing a previous target of 4.5 percent.

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