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Pakistan signs $500m loan pact with WB
 Pakistan has signed a $500 million loan agreement with the World Bank (WB) in a bid to stabilise the country and alleviate poverty. The signing ceremony was held at the Economic Affairs Division in Islamabad, a private TV channel reported on Tuesday. According to the channel, the International Development Association (IDA) of the World Bank -- which provides soft loans to developing countries -- has lent the sum on 'nominal service charges'. According to the agreement, the maturity period of the loan is 35 years, with a grace period of 10 years, said the channel. The loan will be transferred to Pakistan in a single tranche after the approval of the WB board, which is scheduled to meet on February 15, it added. Prime Minister's Adviser on Finance Shaukat Tareen attended the signing ceremony. Posted by: Fred 2009-01-28 |
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