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  • Mar 17th, 2018
  • Comments Off on Government to obtain $6.891 billion from development partners, NA told
Pakistan will obtain $6.891 billion from various bilateral and multilateral development partners along with economic assistance/loans this year. Minister of State for Finance and Economic Affairs, Rana Muhammad Afzal Khan informed this to the National Assembly in a written response to a question during the Question Hour.

As per the break-up, the country intends to obtain $1.824 billion from Asian Development Bank; $1.22 billion from World Bank; $1 billion from International Islamic Trade Financing Corporation (ITFC); $1.803 billion from Asian Infrastructure Investment Bank (AIIB); $827.98 million from EXIM Bank China; $67.6 million from Saudi Development Fund; $60.03 million from EXIM Bank Korea; $53.39 million from Islamic Development Bank; $20.71 million from Japan International Corporation Agency and $15 million from Kuwait Fund.

To another question, the minister informed the House that Pakistan received foreign aid (grants) of US $1.984 billion (excluding that from United States of America) from June 01, 2013 to January 31, 2018.

He said that the government did not receive $1.54 billion committed foreign aid by different bilateral and multilateral sources during June 2013 to January 31, 2018.

The objective of the foreign aid (grants) is to supplement the domestic resources required for accelerating the pace of economic development. The grants have been provided for financing of projects, budgetary/balance of payment support, Afghan refugees' rehabilitation, earthquake rehabilitation, floods and temporarily displaced persons (TDPs), the minister said.

The government received $1.52 billion foreign aid through bilateral sources including China, UK, Turkey, Saudi Arabia, Oman, Norway, Japan, Germany, and Canada. Through multilateral sources, the government received $1.98 billion foreign aid from the ADB, EU, IBRD, IDA, IDB, and the UNHRC.

During the same period, the government got commitment for $1.011 billion aid from bilateral sources and $527.89 million from multilateral sources, but this was never disbursed, the minister said.

To another question, the minister informed the House that since start of Financial Year 2018, country's total liquid foreign exchange reserves witnessed a decrease of US $3.0 billion and stood at US $18.4 billion ($12.3 billion from SBP and $6.1 billion from Banks) as on February 23, 2018 compared to US$ 21.4 billion ($16.1 billion from SBP and $5.3 billion from Banks) as on June 30, 2017. The decline in the country's FX reserves is primarily attributed to widening of the external current account deficit.

The finance minister also informed the House that average manufacturing growth rate during 2013-17 stood at 4.66 percent, adding that the growth rates of the sector remain unstable due to irregular supply of power on account of shortages.

It has been increasing due to continuous improvement in supply of power, he said, adding that the government has undertaken broad-based power sector reforms under the framework of National Power Policy, 2013 to stimulate the growth of the sector.

Long Term Finance Facility (LTFF) mark-up rates have been reduced from 11.4 percent to 6.0 percent and Export Re-finance Facility (ERF) rates reduced from 8.4 percent to 3.0 percent, he added. The minister said that Large Scale Manufacturing (LSM) which has a share of 80 percent in manufacturing sector registered a healthy broad-based growth of 5.68 percent in 2016-17. The same performance continued in current fiscal year. During July-December FY 2018, LSM recorded a growth of 5.55 percent as compared to 4.02 percent during the same period last year, he said.

To another question, Parliamentary Secretary for Interior Dr Muhammad Afzal Khan Dhandla informed the House that 48 additional border posts have been constructed on Pak-Afghan border to curb smuggling. After the start of Operation Zarb-e-Azb and Operation Radd-ul-Fasaad, the smuggling of illegal weapons has been curtailed in the country, he said, adding that 207 illegal weapons have been confiscated during last year.

Replying to another question, he said that the government has taken a number of steps to give maximum protection to journalists so that they could perform their duties without any fear or threat. The parliamentary secretary said all the station house officers in Islamabad have been directed to register the case upon receipt of any complaint by any journalist without any delay.

Similarly, mobile patrolling has also been increased in the areas where offices of journalists, press clubs and residences are situated. He also informed the House that computerized national identity cards (CNICs) have been issued to 114.19 million people in the country, adding that the government is facilitating people to get their particulars registered at the National Database and Registration Authority (NADRA) after attaining the age of 18 and there is no policy to issue identity cards to aliens.

Parliamentary Secretary for Planning and Development, Dr Ibadullah said that Public Sector Development Program (PSDP) is for the whole country, adding that funds are allocated without any discrimination. He said for the first time in the history of the country, PSDP 2017-2018 was raised to Rs 1001 billion.

Copyright Business Recorder, 2018


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