The World Bank has approved $700 million in financing for Pakistan under a multi-year initiative aimed at supporting the country’s macroeconomic stability and service delivery.

The funds will be released under the bank’s Public Resources for Inclusive Development - Multiphase Programmatic Approach (PRID-MPA), which could provide up to $1.35 billion in total financing, the lender said.

According to the World Bank, the programme envisages total financing of up to $1.35 billion, of which $600 million has been allocated for the federal government and $100 million for Sindh province.

The bank said the programme focuses on macroeconomic stability, improvements in the tax system, transparent public financial management, and better delivery of public services.

It aims to strengthen digital data and financial systems to enhance the efficiency and reach of public service delivery.

The World Bank added that the programme is aligned with the International Monetary Fund’s Extended Fund Facility (EFF) and is expected to increase resources for the health and education sectors in Sindh.

The reforms are expected to enhance transparency and public trust, paving the way for improved fiscal governance.

The programme is expected to play an important role in promoting economic stability and public welfare.