World Bank rejects rumours of delay in loan approval for Pakistan.

ISLAMABAD -- Amid reports that the World Bank has delayed approval of loans worth $1.1 billion for Pakistan, the multilateral donor on Thursday termed the news as "unfounded".

Taking to his Twitter handle, World Bank's Country Director for Pakistan Najy Benhassine said: 'The press reports that refer to a World Bank decision to delay approval of potential Bank operations in Pakistan are unfounded."

Earlier, the media reports claimed the Washington-based lender has delayed the approval of two loans for Pakistan worth $1.1 billion until the next fiscal year.

However, Behassine made it clear that all the dates for approval of loans were already scheduled.

'The tentative board approval dates of all of our proposed operations, as well as their amounts, are indicative, and the World Bank decides on the timing for sharing project proposals for board consideration following due process and based on the proposed projects' readiness," the World Bank official added.

A report published in media suggested that a finance ministry source, on the condition of anonymity, told a British wire service that the approval of the World Bank loans has been pending since June.

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