World Bank Greenlights Extension and Overhaul of Pakistan Revenue Enhancement Initiative

The World Bank has agreed to extend and make changes to the “Pakistan Raises Revenue (PRR)” project, valued at $400 million, as requested by the government.

In a letter to the government, the International Development Association (IDA) approved the extension, modifying the financing agreement, and pushing the closing date to June 30, 2025.

The government sought this one-year extension for the PRR project, financed by the World Bank, to update certain project development indicators for better attribution and to remove outdated measurements. The Ministry of Economic Affairs’ restructuring proposal includes:

1. Extending the project duration by one year to June 30, 2025, ensuring enough time for the IPF component’s completion.
2. Updating selected project development objective indicators for better attribution and removing outdated measurements.
3. Adjusting select DLIs and IRIs to reflect the extended project duration.
4. Modifying select DLIs and verification protocols to address unforeseen developments not considered during the project’s design.

Currently, the project is rated as satisfactory in terms of progress toward achieving its development objectives. It has disbursed $291.31 million, accounting for 74% of the total project amount of $400 million.

Recent reviews and support missions have identified achievements in the res

World Bank Greenlights Extension and Overhaul of Pakistan Revenue Enhancement Initiative
World Bank Greenlights Extension and Overhaul of Pakistan Revenue Enhancement Initiative

ults-based component and progress in implementing the IPF component.

However, updates are needed for some PDO indicators to reflect data availability and improve attribution.

 

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