The finance minister noted that it is rare for the IFC to agree to become part of a trade facility for the public sector. PHOTO: ZAFAR ASLAM/EXPRESS/FILE
According to a release, the Finance Minister had met with a delegation from IFC, Citi Bank and Habib Bank Limited at the Pakistan High Commission in UK on Thursday.
Dar noted that it was rare for the IFC to agree to become part of a trade facility for the public sector and that it reflected the confidence that the IFC and other consortium members have in the incumbent government. The IFC is a member of the World Bank group.
The agreement, which is yet to be subject to due process, will provide the trade finance facility worth $500 million with IFC the main contributor. It could potentially be expanded to $1 billion. However, the facility shall be subject to a cost of about four per cent above Libor.
Citibank helping build e-govt systems
Dar was also briefed regarding the e-government initiatives taken by the Citibank especially in the national saving organisation and the National Database Regulatory Authority.
Citibank is reforming the system for savings holders and pensioners.
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Pak , India and like poor nations will do well bey using cheaper and indigenous substitutes of costliest petroproducts rather than their economy shattered by high oil import bill . See solar , coal , waste and electricity are free or better substitutes of lpf and kerosene . Railway , mass commutation , pooling , low cc , rain water harvesting and electricity are dirt cheap to free substitutes of motor fuels . Thank you.
@SHB:
Sure. Pay your own way. Raising taxes, eliminating subsidies, and cutting spending - same stuff the rest of the World has to go through and the same recommendations made by the IMF. BTW that includes making sure everyone pays there fair share and what is billed is actually collected rather than ignored. If your looking for suggesting on cutting spending I would start with the military which consumes a disproportionate amt of Pakistan's resources and isn't delivering the commensurate security/safety.
@unbelievable: Can you write the alternative plan? Do not criticize. For the sake of criticism only. Please.
I suspect the IMF will take a dim view of additional borrowing - even disguised as "trade financing".
Far from breaking the kashkol is becoming diverse and of various models!