April 22: The World Bank has approved the work procedure prepared by the Ministry of Labour, Employment and Social Security for the utilization of Rs 14 billion concessional loan announced by the World Bank under the Prime Minister Employment Programme.

However, the amount will be mobilized only in the upcoming fiscal  year. The government had signed an agreement with the World Bank for the concessional loan for a period of five years on November 24 last year. The agreement states that the government should have mobilized Rs 2 billion from the fund in the current fiscal year. However, the government was unable to spend the amount due to the lack of work procedure. But the government will be spending Rs 4 billion for youth employment in the upcoming fiscal year.

Joint Secretary at the PMEP Loknath Bhusal informed that the World Bank had set a condition that the fund could be utilized only after preparing the work procedure.  He further said that the government was unable to prepare the work procedure due to which the World Bank refused to release Rs 2 billion allocated for the current fiscal year.

“However, we have reached an understanding with the World Bank to utilize that amount in the  next fiscal year,” said Bhusal.

The work procedure aims to reduce the unemployment rate across the country by providing employment opportunities to jobless youths.