ISLAMABAD: Government has sought one-year extension in ‘Pakistan Raises Revenue (PRR)’ project worth $ 400 million financed by World Bank to revise selected project development objective indicators to enhance attribution and to delink from measurements that no longer exist, it is learnt.

As per Ministry of Economic Affairs restructuring paper proposes to-extend duration of project by one year to June 30, 2025, to ensure adequate time for completion of IPF component of project, to revise selected PDO indicators to enhance attribution and to delink from measurements that no longer exist, to revise select DLIs and IRIs to reflect extended project duration and to revise select DLIs and verification protocols to reflect developments not envisioned during design of project.

PDO indicators include-tax to GDP ratio (percentage) while proposed changes is changed to increase in FBR’s total collections as percentage of GDP from 8.5 percent of GDP in fiscal year 2023 to 8.8 percent in fiscal year 2025 to enhance attribution and better capture implementing agency’s efforts.

Project is currently rated as satisfactory against progress towards achievement of its development objective. It is currently rated as satisfactory for progress towards achievement of Project Development Objectives. So far, project has disbursed $ 291.31 million, which is about 74 percent of total project amount of $ 400 million.

There is encouraging progress on implementation of track and trace or electronic monitoring of production system, which was previously delayed due to court cases (stay orders taken by different firms).

Published in The Daily National Courier, February, 07 2024

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