SPA - The World Bank has announced a package totaling $470 million to assist the Government of Pakistan in the reconstruction of areas devastated by the massive earthquake of October 8. World Bank Country Director for Pakistan John Wall told the reporters that the package includes $200 million in quick disbursing credits from the Bank's concessional International Development Agency (IDA). This amount will be transferred within a week. The package envisages Supplemental Financing of $150 million for the Poverty Reduction Support Credit (PRSC). Wall said it is clear that economic impact of the earthquake is sizeable. Early estimates suggest that reconstruction costs of the lost infrastructure will run into several billion dollars and thus will have a sizeable impact on the overall financing needs of Pakistan. The supplemental credit would support the sustained implementation of the PRSC reform programme, and help finance part of the gap in resources incurred as a result of the earthquake of October 8, he said. --more 1318 Local Time 1018 GMT
