Pakistan to seek $42mn loan from WB for poverty eradication programme

ISLAMABAD: A meeting of the economic advisory council (EAC) on Sunday gave approval to seek a loan of $42 million from World Bank for the poverty eradication programme announced earlier by Prime Minister Imran Khan, sources said.

The meeting, held at Bani Gala, was chaired by PM Imran and attended by Finance Minister Asad Umar and other ministers and senior government officials, a press release stated.

Sources added that Rs5 billion will be release from the national development fund for the Naya Pakistan Housing Scheme.

A formal announcement on these decisions will be made on December 29 as part of the government's 100-day plan.

Prime Minister Imran Khan also approved a Social Protection Framework to ensure the vulnerable segments of the society are protected, the press release added.

The comprehensive social protection framework aims at overcoming the challenges of poverty, health, stunted growth, education and enabling the youth realise their potential and extricate themselves out of generational poverty traps, it said.

"The finalisation of these policies is for laying the foundation of a sustainable, inclusive, job creating and export-oriented economic growth strategy as part of the government's 100 Days Plan," according to the statement.