Pakistan convinces international community for aid, investment

Finance Minister Hafeez Sheikh made a successful weeklong trip to the United States, convincing the United States (US), the United Kingdom (UK) and international monetary organizations to give Pakistan as much as $5.27 billion over the next four-year term.

While addressing a news conference at the Pakistani Embassy in Washington (DC), Pakistani Finance Minister Hafeez Sheikh observed, “We have told the ADB to send their assessment team to Pakistan soon”.

Sheikh and Adnan Mazarei, the IMF (International Monetary Fund) Pakistan mission chief held sittings with Director of the World Bank, Sri Mulyani, the Asian Development Bank President Haruhijo Kuroda, US AID administrator Dr Rajiv Shah.

Both the Asian Development Bank (ADB) and the US have reaffirmed investment in to the Diamer Bhasha dam project in Pakistan, the two Pakistani officials confirmed.

The Pakistani Finance Minister while claimed that the US had also showed agreement to invest in the renovation of the Kurram-Tangi dam project and Mangla Dam. The American officials had notified Congress that it would be spending $223 million on the two projects, he added.

He further said the International Finance Corporation (IFC) would also invest $1 billion in various sectors in Pakistan’s private sector, including energy and finance. Its investment is the highest for the group in Pakistan, he added.

Sheikh continued that the World Bank had increased its spending on Pakistan from $1.6 to $1.8 billion, adding that Britain had announced that Pakistan would be its biggest recipient of aid.

He asserted, “Britain will spend over $2.25 billion over the next four years, primarily in the field of education”.

He also highlighted the growing number of remittances, a higher growth rate and growing exports as signs of progress in the country’s economy, saying that the increasing oil prices may impact Pakistani exports in the coming days.

The minister noted, “Overseas Pakistanis posing confidence in Pakistan will send $ 13.5 billion this year, reflecting a 21 per cent increase from last year’s $ 11.2 billion”.

In his view, Pakistan’s policies are yielding outcomes despite increasing international oil prices and uncertain global economic situation, saying that the national economy was now on the path to stability and growth.

Sheikh recounted a host of positive indicators including six per cent expansion in exports, which follow a 30 per cent increase in exports last year, and a jump of 25 per cent in revenue collection in the past nine months from.

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Posted by Faisal Farooq on Apr 24 2012. Filed under Pakistan. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.