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How much a package is approved for a Pakistan by World Bank on 13-06-2019

A. $518 Billion
B. $516 Billion
C. $516 Million
D. $518 Million

Answer & Solution
Option: D
Explanation : June 13, 2019 – The World Bank approved a package of $518 million for two projects in support of Pakistan’s ambitious efforts to raise revenue and reduce compliance cost with a goal of providing better services to the people.
$400 million will go to ‘Pakistan Raises Revenue Project’, which is meant to support the FBR effort to increase its tax revenue. The remaining $118 million will go to the Khyber Pakhtunkhwa Revenue Mobilization and Public Resource Management Project, which will support the provincial government to increase its capacity to collect revenue and strengthen its Public Financial Management system, the WB said.
The International Development Association (IDA), the concessional financing arm of the World Bank, is financing both projects. The $400 million part of the loan needs to be paid back in 30 years with a grace period of five years.
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