World Bank cancels 750,000 million dollar aid for Pak

      The World Bank (WB) has cancelled an aid of 750,000 million dollar to Pakistan after the government failed to initiate necessary measures to utilise the money. The aid, which was provided by Japan on behalf of the World Bank, was to be used for the development of mineral resource sector, The Daily Times reports. A World Bank team visited Pakistan in April 2008 to gauge the progress made over the project, following which Pakistani authorities demanded the deadline of the project to be extended till March 2009. However, even after the extension, authorities failed to initiate the project, forcing the World Bank to cancel the aid.

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