Pakistan to receive $12 billion in 3 years: Dar

ISLAMABAD: Enumerating several economic indicators that have shown positive improvement, Finance Minister Senator, Mohammad Ishaq Dar said Pakistan would get about $12 billion in next three years from international financial institutions.

 

The country would receive about $12 billion from International Monetary Fund (IMF), World Bank (WB) and Islamic Development Bank (IDB) during next three years, the federal minister said during a press conference here on Monday.

 

"We have protected ourselves from any default and financially secured for the next three years for payments to lenders but there is need that we now focus on improving country's foreign exchange reserves," he said.

 

Ishaq Dar said that $6.6 billion are expected from IMF which has called its board meeting on September 4 to discuss the issue keeping in view the progress in country's economy as witnessed by its management.

 

He said that the country would also get $1.5 billion from WB this year as the bank has principally agreed to provide this loan where as $750 million and Euro 100 million (for trade enhancement) are expected from IDB through various schemes.

 

The federal minister said that the economy of country was on right path and the government was going ahead in accordance with its budget discipline.

 

He said that despite changes in management of Federal Board of Revenue (FBR), the revenue collection during the first month of the current fiscal year (2013-14) has reached to $134 billion against the target of $136 billion.

 

He added that the collection in revenues in July 2013 was 25 percent higher than last fiscal year.

 

He said that the current account was also in surplus as against the deficit of $427 million in July 2012, the current account is in surplus of $36 million in July this year.

 

He said that the foreign remittances during July 2013 also increased up to $1.4 billion and if the trend continues, the remittances during the current fiscal year are expected at $14 billion to $16 billion.

 

He said that facilitating overseas Pakistan to send free of charges remittances to the country under the Pakistan Remittance Initiative (PRI) has produced positively results and helped enhance revenues upto $1.4 billion in July this year.

 

He said that the government is also working on another initiative to help overseas Pakistan send remittances on fast-track basis.

 

He said the State Bank of Pakistan has been given task to formulate a system as soon as possible to ensure speedy transfer of money adding that when this mechanism would enhance transfer of money through government channels instead of private schemes.

 

Ishaq Dar said that the government had put ban on import of gold keeping in view the depreciation of rupees value. He said that the gold imports into the country had increased many fold owing to the ban on gold import by India and consequent smuggling of gold from Pakistan to India.

August 26, 2013 – Updated 2250 PKT 

From Web Edition

Source: THE NEWS

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