Pakistan leads in borrowing from World Bank's IDA in 2023 amid forex struggles By Investing.com

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Pakistan leads in borrowing from World Bank's IDA in 2023 amid forex struggles

Published Oct 02, 2023 05:31AM ET Updated Oct 02, 2023 05:31AM ET

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Pakistan leads in borrowing from World Bank's IDA in 2023 amid forex struggles

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In the year 2023, Pakistan emerged as the largest borrower from the International Development Association (IDA), a key division of the World Bank, securing a significant $2.305 billion. The data was revealed in the 'World Bank Annual Report 2023: A New Era in Development', published on September 28, 2023. Bangladesh and Tanzania followed closely, securing the second and third positions with borrowings of $2.3 billion and $2.135 billion, respectively.

The main driver behind this substantial borrowing by Pakistan was a series of devastating floods that swept through the country in 2022. The Sindh region was notably impacted, suffering severe economic damage estimated to exceed $30 billion. This natural disaster further intensified Pakistan's ongoing foreign exchange challenges, leading to an increased reliance on international financial aid.

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Pakistan leads in borrowing from World Bank's IDA in 2023 amid forex struggles

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