WB Funded PRR Project Seeks One Year Extension

WB Funded PRR Project Seeks One Year Extension

Islamabad: The Pakistan government petitioned the World Bank (WB) for an additional year to implement the “Pakistan Raises Revenue (PRR)” project, which has an estimated value of $400 million.

This extension aims to amend project development objective (PDO) indicators to enhance attribution and eliminate obsolete measurements.

Following the Ministry of Economic Affairs’ restructuring document, the following actions are proposed. By extending the project duration by one year until June 30, 2025, the Investment Project Financing (IPF) component will have adequate time to be completed. Also, selected PDO indicators are being revised to improve attribution and eradicate obsolete measurements.

Adjusting implementation-related indicators (IRIs) and disbursement-linked indicators (DLIs) to align with the prolonged project schedule. Adjusting specific DLIs and verification protocols to accommodate unanticipated developments that were not incorporated into the project’s initial design. More precisely, modifications to PDO indicators encompass

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Transitioning from the Tax to-GDP ratio (Percentage) to the objective of augmenting the total collections of the Federal Board of Revenue (FBR) as a proportion of GDP to achieve an increase from 8.5% of GDP in FY-2023 to 8.8% of GDP in FY-2025. This modification is intended to enhance attribution and more accurately reflect the efforts of the implementing agency.

The time required to prepare, file, and pay/withhold General Sales Tax (GST) and Corporate Income Tax (CIT) was previously quantified using the ‘Paying Taxes Indicator’; this metric will be revised.

The suggested modifications aim to improve the efficiency and pertinence of the “Pakistan Raises Revenue (PRR)” initiative by aligning it with present-day goals and conditions.

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