ISLAMABAD, June18 (APP): Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, Dr Abdul Hafeez Shaikh, here on Tuesday witnessed the signing ceremony of three loan agreements worth US$ 918.0 million with the World Bank.
Secretary, Economic Affairs Division, Noor Ahmed signed the financing agreements on behalf of Government of Pakistan while the representatives of Higher Education Commission (HEC) and Government of Khyber Pakhtunkhwa signed their respective Project Agreements.
Country Director, World Bank, Patchamuthu Illangovan, signed the agreements on behalf of the World Bank.
The signed agreements include Pakistan Raises Revenue Program worth US$400.0 million, which will contribute to a sustainable increase in domestic revenue by broadening the tax base and facilitating compliance.
The Program’s targeted results includes increasing Pakistan’s tax to GDP ratio to 17 percent, increasing the number of active taxpayers to 3.5 million, reducing the compliance burden of paying taxes; and improving the efficiency of customs controls.
Second agreement of worth US$ 400.0 million was signed for higher Education Development in Pakistan which will support research excellence in strategic sectors of the economy; improve teaching and learning and strengthening governance in the higher education sector.
The project will finance the components including nurturing academic excellence in strategic sectors, supporting decentralized higher education institutes for improved teaching and learning; equipping students and higher education institutions with modern technology; higher education management information system and data drive services; and capacity building, project management and monitoring & evaluation.
A project worth US$ 118.0 million for Khyber Pakhtunkhwa Revenue Mobilization and Resource Management Program was also signed with the objective to increase collection of KP’s own-source revenues and improve the management of public resources.
This objective is to be achieved through efficient revenue mobilization, effective public resource management and capacity building to enhance e-government functionality. The Program will help the Government of Khyber Pakhtunkhwa to mobilize own source revenue to address the constraint of limited fiscal space for investment and public service provision and efficient and strategic use of the province’s financial resources.
VNS Islamabad
