04-15-2008, 07:08 PM
<!--QuoteBegin-Naresh+Apr 14 2008, 12:00 AM-->QUOTE(Naresh @ Apr 14 2008, 12:00 AM)<!--QuoteEBegin--><b>Here comes the Super Giant Sized Begging Bowl</b>
<b>Foreign loans likely for economy upkeep : Kh Asif</b> <!--emo&:flush--><img src='style_emoticons/<#EMO_DIR#>/Flush.gif' border='0' style='vertical-align:middle' alt='Flush.gif' /><!--endemo-->
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Naresh ji, that's very true. Twirp has once again taken the begging bowl in its hands.
Here's some more info.
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Pakistan has decided to approach friendly countries such as China, Saudi Arabia and others to generate $500 million to $1 billion in the current fiscal year, in a bid to mitigate financial woes owing to rising petroleum, wheat and palm oil prices.
The finance ministry has projected to generate additional $2.5 billion till June 30, in order to control the dwindling foreign currency reserves that have already fallen to around $13 billion. The foreign currency reserves of various banks are around $2.5 billion and the remaining precious reserves are with the central bank.
âIslamabad is going to launch convertible bonds by offering OGDC shares in the international market to generate approximately $1 billion, as well as issuing GDRs of National Bank of Pakistan to generate $500 million before June 30, 2008,â official sources in the finance ministry confirmed while talking to The News here on Monday.
To bridge the remaining gap of $1 billion out of the total projected additional inflows of $2.5 billion, sources said that the coalition government is set to approach China, Saudi Arabia and other friendly states to achieve its desired objective in the remaining two and a half months.
âPresident Musharraf is currently visiting China where he discussed the possibility of bilateral loan on soft terms and conditions with Beijing authorities,â the sources said. Musharrafâs six-day visit to China ending April 15 is his first trip abroad since a new government packed with opponents was sworn in last month.
Chinaâs foreign currency reserves are over $1500 billion and Beijing is among the capital exporting countries. China may provide $500 million in loans to Islamabad in order to remove the financial woes due to higher POL and commodities prices.
âPakistanâs oil import bill has surged by $3 billion so far against its budgetary estimates, and wheat import also burdened the economy by $1 billion,â sources maintained.
Sources added that Finance Minister Ishaq Dar would give final touches to the proposed strategy for seeking financial assistance. Assistance from Saudi Arabia would come in the shape of deferred oil payment and in various forms from other friendly countries in the next two months, to accomplish the required homework before the scheduling of any high-level visit of leaders.
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<b>Foreign loans likely for economy upkeep : Kh Asif</b> <!--emo&:flush--><img src='style_emoticons/<#EMO_DIR#>/Flush.gif' border='0' style='vertical-align:middle' alt='Flush.gif' /><!--endemo-->
<!--QuoteEnd--><!--QuoteEEnd-->
Naresh ji, that's very true. Twirp has once again taken the begging bowl in its hands.
Here's some more info.
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Pakistan has decided to approach friendly countries such as China, Saudi Arabia and others to generate $500 million to $1 billion in the current fiscal year, in a bid to mitigate financial woes owing to rising petroleum, wheat and palm oil prices.
The finance ministry has projected to generate additional $2.5 billion till June 30, in order to control the dwindling foreign currency reserves that have already fallen to around $13 billion. The foreign currency reserves of various banks are around $2.5 billion and the remaining precious reserves are with the central bank.
âIslamabad is going to launch convertible bonds by offering OGDC shares in the international market to generate approximately $1 billion, as well as issuing GDRs of National Bank of Pakistan to generate $500 million before June 30, 2008,â official sources in the finance ministry confirmed while talking to The News here on Monday.
To bridge the remaining gap of $1 billion out of the total projected additional inflows of $2.5 billion, sources said that the coalition government is set to approach China, Saudi Arabia and other friendly states to achieve its desired objective in the remaining two and a half months.
âPresident Musharraf is currently visiting China where he discussed the possibility of bilateral loan on soft terms and conditions with Beijing authorities,â the sources said. Musharrafâs six-day visit to China ending April 15 is his first trip abroad since a new government packed with opponents was sworn in last month.
Chinaâs foreign currency reserves are over $1500 billion and Beijing is among the capital exporting countries. China may provide $500 million in loans to Islamabad in order to remove the financial woes due to higher POL and commodities prices.
âPakistanâs oil import bill has surged by $3 billion so far against its budgetary estimates, and wheat import also burdened the economy by $1 billion,â sources maintained.
Sources added that Finance Minister Ishaq Dar would give final touches to the proposed strategy for seeking financial assistance. Assistance from Saudi Arabia would come in the shape of deferred oil payment and in various forms from other friendly countries in the next two months, to accomplish the required homework before the scheduling of any high-level visit of leaders.
<!--QuoteEnd--><!--QuoteEEnd-->