WASHINGTON: The World Bank has pledged to provide $1.4 billion support for Pakistan in the current year, which can be front-loaded to fast track investment projects and budgetary lending.

The amount includes $600 million for investment portfolio and $800 million for budget support as macroeconomic stabilisation program moves forward.The offer, first made by the World Bank President Robert Zoellick at a meeting with President Asif Zardari last month in New York, was reiterated on Saturday as Pakistan’s adviser on finance met with the bank’s Managing-Director Ms Ngozi Okonjo-Iweala.

Tareen and his team of top economic managers had also discussed development cooperation with the World Bank vice-president on Friday.Meanwhile, the Department for International Development has doubled its economic assistance for Pakistan to the UK pound 586 million. Minouche Shafik, Permanent Secretary of DFID, told the Pakistani delegation that the department planned to expand its development work to the Federally Administered Tribal Areas and Balochistan.

The finance adviser also had productive meetings with German Minister for Economic Cooperation and Development Ms Wieczorek-Zeul, United States Undersecretary of State for Economic, Energy and Agricultural Affairs, Reuben Jeffrey and Assistant Secretary of State for Economic, Energy and Business Affairs Daniel Sullivan.

The German minister vowed to provide support for social safety nets and also offered debt swap for HIV AIDS and Malaria Global Fund.The US officials reaffirmed Washington’s continued support for Pakistan’s economic development. Tareen also discussed bilateral cooperation with Afghan Finance Minister Anwarul Haq Ahady.

Shaukat Tareen briefed his interlocutors about the current economic challenges and impact of the war on terrorism that Pakistan, being the front line state, had to face on its economy. He spoke of the tough and difficult measures that had been taken by the elected government. He also expanded on Pakistan’s programme to deal with these challenges, including social safety nets for targeted subsidies.

The finance adviser urged donors’ support for Pakistan’s efforts to pull itself out of the current difficult phase. He also highlighted the impact of the global financial crisis on developing countries, particularly on those intending to access capital market but cannot do so because of liquidity crunch.

The World Bank, DFID, US and German officials appreciated the courageous measures taken by Pakistan to correct the macroeconomic imbalances and reaffirmed their commitment to support the country in meeting its economic challenges and establishing safety nets for the poor.

The Pakistani delegation, including State Bank Governor Dr Shamshad Akhtar, Finance Secretary Dr Waqar Masood, Economic Affairs Division Secretary Farrukh Qayyum and Economic Minister at the Pakistani embassy in Washington Wajid Rana, also participated in a number of events, including the WB-IMF Constituency Meeting, SAARC Finance Governors Meeting and the International Monetary and Finance Committee meeting.