ISTANBUL

The World Bank has approved $700 million in financing for Pakistan's macroeconomic stability and service delivery.

The money is for the financing of the Public Resources for Inclusive Development—Multiphase Programmatic Approach (PRID-MPA), which is a national program supporting federal and provincial reforms to mobilize domestic revenue, with up to $1.35 billion in total financing, according to a statement from the World Bank on Friday.

Of this amount, $600 million is reserved for federal programs and $100 million specifically for the Sindh provincial program.

"Pakistan’s path to inclusive, sustainable growth requires mobilizing more domestic resources and ensuring they are used efficiently and transparently to deliver results for people," said Bolormaa Amgaabazar, World Bank country director for Pakistan.