World Bank to restructure $188m PHCSP

ISLAMABAD: The World Bank will restructure “Pakistan Hydromet and Climate Services Project (PHCSP)” worth about $188 million by mid of the current month as the project has already faced significant delays, it is learnt.

The objective of the project was to strengthen Pakistan’s public sector delivery of reliable and timely hydro-meteorological and disaster risk management services; however, the Bank has rated the progress towards achievement of the project unsatisfactory. Overall implementation of the project is also rated as unsatisfactory while overall risk rating is substantial, revealed official documents.

The documents noted that project implementation has faced significant delays. In light of the unprecedented monsoon rainfall and subsequent flooding, the government of Pakistan requested the activation of the Contingent Emergency Response Component (CERC) to support flood affected populations. US$ 150 million was reallocated under this Project to CERC to provide cash-based transfers to 1.3 million households from the bottom 40 percent of the National Socio-Economic Registry.

A one-off cash payment of Rs 25,000 (equivalent to US$ 114) was made per eligible household through the Benazir Income Support Program (BISP) to enable beneficiaries to meet their urgent and essential needs during this flood emergency such as access to food, clean water, shelter, etc. The project will be restructured in mid-November 2022, sources added. Original closing date for the project was June 30, 2023, but it is revised December 31, 2024.