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Begging bowl still intact: Farrukh Qayyum.

ISLAMABAD, July 08, 2009 (Frontier Star) -- Federal secretary for economic affairs Farrukh Qayyum has said begging bowl could not be broken despite enormous government efforts adding Pakistan would continue to acquire foreign loans unless it achieved self reliance in national resources. He said this while giving a briefing to National Assembly (NA) standing committee on economic affairs, which met here Wednesday. Chairman Malik Azmat Khan presided over the meeting. Federal secretary for economic affairs informed "we are not capable of utilizing foreign assistance in effective manner. A special unit in this respect would be set up in the ministry, he pointed out. Volume of foreign debt against government of Pakistan had swelled to $46 billion till March, 31, 2009. Later loans amounting to $ 7 billion were obtained from IMF, world bank and Asian Development Bank. Uptill March, 31, 2009, foreign loans amounting to $12.14 billion were secured in the denomination of Japanese yen, $11.23 billion in the form of dollars, $9.84 billion in the shape of SDR, $5.28 billion in the form of Euro and $1.96 billion in the form of other currencies. During the fiscal year, 2007-08 loans to the tune of $1.29 billion were obtained direct from various countries, $1.80 billion from multilateral donors and $.35 billion under short term package , he indicated. He pointed out $2.52 billion were paid on account of principal amount of loans and $910 million on account of interest till the month of March during he fiscal year 2008-09. Pakistan owed $10..26 billion to Asian Development Bank, $11 billion to world bank and $440 million to other financial institutions till March, 31, 2009. Responding to a question he told direct assistance was not provided to the government for rehabilitation of Internally Displaced Persons (IDPs). Certain conditionalities had been imposed on assistance to be given under Kerry Logar bill , he added. No deduction could be made in any development project on which this assistance would be spent, he told. This aid would be extended direct to the government, he informed.

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Publication:The Frontier Star (Northwest Frontier Province, Pakistan)
Date:Jul 8, 2009
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