The World Bank has approved the government’s request to extend the closing date and restructure the “Pakistan Raises Revenue (PRR)” project, valued at $400 million.
In a letter to the government, the International Development Association (IDA) agreed to the extension, amending the financing agreement to push the closing date to June 30, 2025.
The government has asked for a one-year extension on the $400 million PRR project funded by the World Bank. This extension aims to revise certain project development indicators to improve attribution and detach from outdated measurements. The Ministry of Economic Affairs has proposed several adjustments:
1. Extending the project duration by one year until June 30, 2025, to allow sufficient time for completing the IPF component.
2. Revising selected PDO indicators to enhance attribution and disconnect from outdated measurements.
3. Updating select DLIs and IRIs to reflect the extended project timeline.
4. Adjusting select DLIs and verification protocols to address unforeseen developments not considered during project design.
The project currently maintains a satisfactory rating for progress toward achieving its development objectives. It has disbursed $291.31 million, representing 74% of the total project funds. Recent reviews and support missions have identified significant achievements under the results-based component and progress in implementing the IPF component.
However, some PDO indicators require updates to reflect data availability and improve attribution.
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