Federal Finance Minister Hafeez Sheikh said that Pakistan will be receiving receive between five to six hundred million dollars before June 30 from the Coalition Support Fund.
Briefing the media in Islamabad of his trip to the US, he said that he had held talks with development heads from China, UK, Germany, Iran and Afghanistan, during his trip to Washington.
He said that an IMF mission will arrive in Pakistan on May 8 to decide on the release of a grant of 1.7 billion dollars. He clarified that the IMF had not put forward a demand for two per cent electricity tariffs. The Minister accepted that a lot of work was still needed to ensure economic recovery of the country.
The Asian Development Bank and the World Bank will provide 500 million dollars each for budgetary support, he revealed.
Among austerity steps being implemented, the Minister revealed that borrowing from the State Bank had been reduced. “We want to introduce an economic reforms process which includes revenue mobilisation, reduce the government size and decrease expenditures so that funds can be used for the welfare of the country,” he said.
The U.S. visit was based on a six point agenda where they explained to the the international community that Pakistan was passing through a difficult phase and the government had taken some tough decisions and was mobilising internal resources.
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