Daily Times

The World Bank’s (WB) Board of Executive Directors on Friday approved $535 million in financing for Pakistan to support two key projects, Crisis-Resilient Social Protection (CRISP) and the Sindh Livestock and Aquaculture Sectors Transformation (LIVAQUA).

The additional financing for the CRISP program aims to strengthen the country’s social protection system and build shock resilience among poor and vulnerable households. The LIVAQUA project, on the other hand, will promote climate-smart and competitive small and medium producers in the livestock and aquaculture sectors in Sindh, according to a news release.

“The catastrophic floods that hit Pakistan in 2022 were a tragic reminder of the importance of building resilience to such disasters, including by strengthening both social protection and sectors that support economic growth and recovery,” said Najy Benhassine, World Bank Country Director for Pakistan.

“It is also imperative to help the vulnerable absorb climate shocks through innovative climate-smart technology and contingency planning,” he added. The additional financing for CRISP ($400 million) will build on the program’s ongoing efforts to equip Pakistan’s social protection system with the policy and delivery system foundations necessary for more effective and rapid responses to future crises.

The program will focus on longer-term policy actions to further improve the national cash transfer program’s effectiveness, coverage, and federal-provincial coordination. “Since its inception, the CRISP program has achieved significant results with regular safety net support to more than nine million families and a demonstrated capability of quickly reaching 2.8 million families during the recent floods,” said Amjad Zafar Khan, Task Team Leader for the project.