Minister of State for Finance and Senator Saleem H Mandviwala confirmed receipt of the payments.
This was confirmed by Minister of State for Finance and Senator Saleem H Mandviwala through a statement “this is to confirm that The United States has released US $688 million on Friday under Coalition Support Fund (CSF).”
The development and the figure were also confirmed by the spokespersons from the State Bank and foreign office to The Express Tribune.
In August 2012, Pakistan had received $1.12 billion from the US for funds pending upto 2010. 60 per cent of the fund is apportioned to the Pakistan Army while the remaining amount is used to meet the fiscal deficit of economy.
According to official sources Pakistan was carrying an immense pressure for balance of payments schedule. He added that the discharge of $ 688 million in terms of CSF would help relieve the balance of payment position.
The official added that Pakistan has welcomed the Pentagon’s notification to US congress for reimbursing around $ 700 million under Coalition Support Fund (CSF) to Pakistan.
On Wednesday, Finance Minister Hafeez Sheikh had revealed that the country will be paying back at least two due installments of the International Monetary Fund in early January. At least part of these payments are believed to be financed by the incoming CSF funds.
COMMENTS (11)
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Why US why have you done this. After we opened up our market to you, invested in the US, created thousands of jobs in the US. This is how you repay us. You know this money will be used to fund terror outfits, who will attack us, I dont understand, what is the logic of your actions here.
@Mirza: let us not be confused,this was our genuine money paid after two years of delay.USA gave surplus old stock of wheat instead of net cash paid for F-16s,blackmailing/double gaming is a art of war with friends,ally,partners even after getting his work done by the Americans.Let us understand both ends rather...........
we shall get kashmir even if we bleed ourself economically
Note the carousel system in play here. Funds are released when payments are becoming due to US financial institutes. In a way, this is really good as Z & Co. cannot misappropriate funds or are given the minimum possible time to do so. They cannot claim there is no money to make loan payments. US earns goodwill from funds released and gets the funds back under loan payments.
Even with these funds Pakistan will have to go back under a new IMF program soon. That is probably one of the first things the new govt. will do. Even if it is that we-will-declare-accepting-foreign-aid-illegal PTI that comes to power. And, in case there is any doubt, one of the first conditions that the IMF will impose is that the rupee be devalued. So buy dollars if you value your savings!
//On Wednesday, Finance Minister Hafeez Sheikh had revealed that the country will be paying back at least two due installments of the International Monetary Fund in early January. At least part of these payments are believed to be financed by the incoming CSF funds.//
This tells the true story . . Ek haath se de dosre haath se le. This reminds me the character of Sukhilala , from the epic movie Mother India.
@umar: We need no help or assistance We should depend our on own arms and express unique wisdom at the time of dealing with national issues.
We need no dictation.we should set our own ways leading to right direction
@Mirza
"Yet we never stop talking aainst our biggest donor!"
True. They only see the 'Droner', while chewing the notes from the 'donor'. Its all about 'honour'.
We need external help to fight extremism
This is a new year's gift to the nation. Congratulations to everyone. I hope we ca co-ordinate more effectively with the Nato forces to exterminate the beasts living in the tribal areas. P.S...Buy Pakistan rupee..it should get stronger
How much money do our friends China and our brothers S. Arabia give us on a regular basis? Yet we never stop talking against our biggest donor!