Pakistan emerges as top borrower of International Development Association in 2023

According to the World Bank’s annual report, Pakistan was the top borrower of the International Development Association (IDA) in fiscal year 2023, securing $2.3 billion in funding.

The bank helped Pakistan respond to devastating floods with nearly $1.7bn for five projects in the worst-affected Sindh province to build resilient housing, restore crop production, provide health services for mothers and children, and strengthen social protection and the local government’s disaster response capacity.

Moreover, the document, titled “World Bank Annual Report 2023 — A New Era in Development”, states that the international institution approved $10.1bn in lending for 37 operations in the South Asian region during the fiscal year 2023 — $4.3bn in International Bank for Reconstruction and Develop­ment (IBRD) commitments and $5.8bn in IDA commitments.

IDA is the world’s largest multilateral source of concessional financing, offering development loans, grants, and guarantees to the poorest countries. It aims to facilitate economic growth, reduce poverty, and enhance the living conditions of impoverished populations.

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