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LC restrictions: World Bank asks govt to exempt projects funded by IFIs

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The World Bank (WB) has urged the government to exempt IFIs (International Financial Intuitions) funded projects from LC restrictions as such actions delay projects, well-informed sources in WAPDA told Republicpolicy.com.
A representative of World Bank raised this issue at a meeting convened to review projects being funded by the Bank presided over by the Secretary Ministry of Economic Affairs, Dr Kazim Niaz.
The World Bank team that attended the meeting comprised County Director Najy Benhassani, Gailius J Draugelist, and Operation Manager, Dr Aliya Kashif. Tobias Akhtar Haque, Lead Country Economist and Task Team Leader (TTL) PRR. Irum Touqeer, Public Sector Specialist and co-TTL for PRR, Amjad Zafar, TTL CRISP, Namoos Zaheer, Muhammad Saqib, Energy Specialist and others.
“WB highlighted the LC issue delaying the project progress and disbursements. The Bank suggested that IFI-funded projects should be exempted from such requirements as a foreign currency will come into the country anyway,” the sources said, adding that the Secretary of Economic Affairs agreed to take up the matter with Finance Division.

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