The world Bank approved $600 million in financing for Crisis-Resilient Social Protection Program (CRISP) that will support Pakistan to expand the Ehsaas program to protect vulnerable households and increase resilience to economic shocks such as the COVID-19 pandemic.
The World Bank’s Board of Executive Directors approved the grant.
“Amidst the COVID-19 pandemic, millions of families across Pakistan face economic hardship, particularly those working in the informal sector, who have no savings or are not covered by existing social safety net programs,” said Najy Benhassine, World Bank Country Director for Pakistan.
“This investment supports Ehsaas in developing an adaptive social protection system that is more efficient and offers a new model for crisis-response and increasing household resilience to future shocks.”
Also Read: IMF approves loan’s third tranche for Pakistan
CRISP will facilitate the gradual expansion of Ehsaas social protection programs to better reach informal workers through an innovative, hybrid approach that blends social assistance with promotion of increased savings that informal workers, particularly women, can depend on in the event of economic shocks.
It will provide a platform through which the government can rapidly respond to support the most affected households during an economic crisis.
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