In fiscal year 2023, Pakistan was the top borrower of the International Development Association, receiving $2.3 billion in funding, according to the World Bank's annual report.
The funds were used to address flood-related challenges in Sindh province, including housing, crop restoration, healthcare for mothers and children, and disaster response capacity.
The World Bank approved $10.1 billion in lending for 37 projects in South Asia during the same fiscal year, with $4.3 billion from the International Bank for Reconstruction and Development and $5.8 billion from IDA commitments. IDA provides financing to the poorest countries to promote economic growth and reduce poverty.
The World Bank also provided advisory services and analytical products to eight countries in the region, covering various areas such as debt management, governance, job creation, social protection, air pollution, and climate resilience.
The bank's focus in South Asia was on building human capital resilience, addressing climate change impacts, and promoting inclusive and sustainable development.
The report predicts South Asia's GDP to grow by 5.6% in 2023 and 5.9% in 2024, following an 8.2% recovery in 2021 after the pandemic.
However, the region faces challenges like tightening financial conditions, limited fiscal space, and depleting reserves, which could impact its growth prospects.
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