News
Wednesday, April 27, 2011
IMF to help Pakistan secure $1bn budgetary support
By Sajid Chaudhry
ISLAMABAD: Federal Finance Minister Dr Hafeez Sheikh on Tuesday announced that International Monetary Fund (IMF) has agreed to facilitate Pakistan for issuance of Letter of Comfort for obtaining $1 billion budgetary support, $500 million each from World Bank and Asian Development Bank.
IMF has also agreed to continue dialogue and assessment of Pakistan’s economy and IMF review mission is due in Islamabad on May 8, the minister said while addressing a media briefing at the Ministry of Finance.
The minister informed that the US has agreed to release $381 million for flood-affected population programme and Kerry-Lugar projects during ongoing fiscal year. Pakistan has so far received $745 million Coalition Support Fund arrears and further $600 million will be released by June 30, 2011, he said. He informed that IMF has not linked the release of next tranche of SBA loan with increase in power tariff.
Hafeez Sheikh termed his recently concluded US visit as most successful, adding that IMF and other lenders have termed Pakistan’s taxation measures and expenditure control efforts as a step towards right direction and they don’t have objections over the zero rating regime announced for five export oriented sectors of the country.
Courtesy www.dailytimes.com.pk