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| IMF to be approached as last resort: Tareen |
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Tuesday, October 21, 2008
By Mehtab Haider
ISLAMABAD: Pakistan’s economy requires dollar inflows to fill its financing gap in the next 30 days; otherwise, as a last resort Islamabad will have to approach the IMF for a bailout package, Adviser to the Prime Minister on Finance Shaukat Tareen told The News.
In an exclusive talk with this scribe, Shaukat Tareen announced that the fiscal deficit would be curtailed to 4.3 per cent of the GDP from earlier envisaged target of 4.7 per cent of the GDP for the current fiscal year.
“We are well within the target for the first quarter (July-Sept) period in terms achieving the desired fiscal deficit target for the whole financial year 2008-09,” he added. The PPP government, he said, would make all-out efforts to avoid the IMF programme by pursuing multilateral creditors, including the World Bank, the Asian Development Bank, the Islamic Development Bank and others such as the DFID to provide the desired dollar inflows in the next one month period.
“We cannot wait for long as the country requires dollar inflows in order to stabilise its foreign currency reserves position as well as rupee,” he added. He said Pakistan’s resilient economy witnessed foreign currency reserves to the level of $500 million few years back and the situation was not so much grim as being portrayed by certain quarters as the country still possessed over $7.5 billion at this stage.
“We also expect that the Friends of Pakistan (FOP) forum would hold its next meeting in the UAE within the first 15 days of November in which we will get a clearer picture about the financing availability from our friends,” he added.
Answering a query about refusal of Saudi Arabia to provide oil facility on deferred payment worth $5 billion, he said he held meeting with the finance minister of Saudi Arabia in Washington on the sideline of the recently held annual meeting of the IMF/WB.
“The Saudis have not yet refused the oil facility on deferred payment to Islamabad and we are still hopeful of a positive response from their side,” he said. He said the government would move ahead on remittances securitisation without any delay.
He said he briefed the multilateral donors such as the IMF, the World Bank and the ADB in detailed about reforms undertaken by the incumbent regime after coming to power, which they did not know at their highest level before this interaction.
“All of them appreciated Islamabad’s efforts to do away with subsidies on the POL and the electricity,” Tareen said. Pakistan has made efforts to cut down its fiscal deficit to 4.3 per cent of the GDP for the current fiscal year, he said and added the government’s deficit stood at Rs165 billion for the first quarter, which is amicably within the envisaged target.
He showed the government’s resolve to reduce borrowing from the central bank in months ahead and added they would be able to bring at zero level by the end of the day. He said the government missed some targets such as the Central Directorate of National Savings (CDNS) was targeted to generate Rs 60 billion but it could get only Rs 37 to 40 billion. Despite these odds, he said, the government managed to keep the fiscal deficit within a certain limit in the first quarter of the current fiscal year.
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Three killed as Sh Rashid escapes attempt on life
By Shakeel Anjum
RAWALPINDI: Awami Muslim League (AML) Chief and a candidate for NA-55 (Rawalpindi) by-election Sheikh Rashid Ahmad was wounded, while three people — a guard and two party workers — were killed when four gunmen more |
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12 soldiers killed in South Waziristan
ISLAMABAD: Twelve soldiers embraced martyrdom while two others were injured in a clash with militants during the ongoing operation Rah-e-Nijat in South Waziristan Agency (SWA), the ISPR said on Monday.
S more |
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Plan to attack five-star hotel foiled
By our correspondent
LAHORE: The CIA police here on Monday claimed to have foiled an attack on Americans staying at a five-star hotel and arrested six terrorists, including a suicide bomber.
Addressing a press conference, SS more |
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Govt taking court for a ride
By Ansar Abbasi
ISLAMABAD: She fought her case in the media. She won her battle in the judicial forum too. But still the government is bent on making an example out of her for refusing to follow the illegal dictates of her min more |
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Pakistan against arms race: Gilani
By Azeem Samar
KARACHI: Prime Minister Syed Yousuf Raza Gilani on Monday said Pakistan does not want to be engaged in an arms race with any country.
Speaking as chief guest at the induction ceremony of second Chinese-m more |
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Punjab-Sindh water row Centre’s intervention sought
By our correspondent
ISLAMABAD: Tension between Punjab and Sindh over opening of the Chashma-Jhelum and Taunsa-Punjnad link canals has touched a new high as the former has sought the Centre’s intervention.
The Punjab has sai more |
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French, Dutch fight over giving LNG to Pakistan
By Khalid Mustafa
ISLAMABAD: Finance Minister Shaukat Tarin and his team is all set to thwart the attempt of an unscrupulous combine of oil industry heavyweights and some functionaries of the Ministry of Petroleum and Natural Re more |
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Nine killed as no let-up in rains
By Nisar Mahmood
PESHAWAR: Nine people were killed and scores of others injured as heavy rains and snowfall lashed various parts of the country for the fourth consecutive day on Monday.
Reports from the Shangla district more |
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Malik orders NUML closure as protest enters 5ht day
ISLAMABAD: The protest of the students of the National University of Modern Languages (NUML) against thrashing of Professor Malik Tahir by Registrar Brigadier (R) Obaidullah Ranjha entered its fifth consecutive more |
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Malik insists no Blackwater in Pakistan
By Muhammad Anis
ISLAMABAD: Interior Minister Rehman Malik while responding to an accusation from a PML-N parliamentarian told the National Assembly that Blackwater was not providing security to the president and the prime mini more |
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FBR gets list of properties rented out to foreigners
By Hanif Khalid
ISLAMABAD: Federal Board of Revenue (FBR) has received list of properties from Foreign Office, which were in use of foreigners in Islamabad, Karachi, Peshawar and Lahore, but these were not shown in annual tax more |
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Repealing of 17th Amendment
By our correspondent
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has begun efforts to create consensus on repealing the 17th Amendment before presidential address to the joint sitting of the parliament.
The prime minis more |
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Three suspects held in Mohmand
By our correspondent
GHALLANAI: The security forces arrested three suspected persons during search operation in Safi subdivision of Mohmand Agency, official sources said Monday. The sources said the security forces carried out sear more |
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No presence of Blackwater, DynCorp in Pakistan, NA body told
ISLAMABAD: Secretary Interior Qamar Zaman again negated on Monday the presence of Blackwater, DynCorp or any other foreign security agency in the country. “Neither the Blackwater and the DynCorp nor any other s more |
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Govt urged to take up water issue with India
By Asim Yasin
ISLAMABAD: Pakistan Muslim League-Q, Parliamentary leader in the National Assembly, Makhdoom Faisal Saleh Hayat while urging the government to take up the issue of ‘water terrorism’ with New Delhi, has question more |
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Avalanche kills 17 Indian soldiers in held Kashmir
HELD SRINAGAR: Seventeen Indian soldiers were killed on Monday in an avalanche that slammed into a group of 70 combat troops at a high-altitude warfare training camp in Kashmir, the army said on Monday.
more |
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Taliban defiant as Afghans flee ahead of assault
KANDAHAR: The Nato commanders urged the Taliban to surrender as troops dug in on Monday for a major assault on their key stronghold in southern Afghanistan, sending thousands of residents fleeing.
The Ta more |
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Plea to freeze foreign accounts
By our correspondent
LAHORE: The Lahore High Court (LHC) on Monday ordered the federal government to submit a reply within four weeks on a petition seeking freezing of accounts in foreign banks and recovery of illegal assets accumu more |
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Attack on Sh Rashid
RAWALPINDI: The PML-N candidate for by-polls from NA-55, Malik Shakil Awan, has announced suspension of electioneering for a day to mourn the death of those killed in the attack on the office of his rival, Shei more |
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Indian forces to halt Kashmir rally outside UN office
HELD SRINAGAR: The held Kashmir authorities deployed thousands of police and troops on Monday to prevent a protest outside the UN office here over the recent killing of two teenage boys by Indian security force more |
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briefs...
20 die in Afghan floods, avalanches
KANDAHAR: Twenty people have died in floods and avalanches triggered by some of the heaviest rain and snow in Afghanistan for 50 years, an official said on Monday. At more |
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ISSN 1563-9479 
