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| India-Pakistan |
| Pakistan expected to get $3.4bn from Geneva pledges for infrastructure development |
| 2023-10-07 |
| [GEO.TV] Pakistain is expected to receive approximately $3.4 billion out of $10.9 billion pledges — committed by the international community for Pak flood victims in Geneva —as net funding to execute the infrastructure projects, The News reported on Saturday. Out of the $10.9 billion pledges committed at Geneva, a major chunk of funding was committed in shape of commodities financing, oil facility, and re-purpose of funds so the net funding was left only for execution of development projects for flood-affected areas. An in-depth analysis of $10.9 billion pledges shows that the Islamic Development Bank (IsDB) committed $4.2 billion through ITFC for commodities and oil financing over a period of three years. The remaining commitment stood at $6.7 billion. The Saudi Fund for Development (SFD) committed $1 billion for an oil facility which is expected to expire in December 2023. The Gay Paree Club countries had pledged $1.2 billion so the remaining amount was standing at $4.5 billion. Officials said the multilateral creditors had re-purposed around $1.127 billion for flood-affected areas out of which the World Bank re-purposed $299 million, Asian Development Bank (ADB) $78 million, and Asian Infrastructure Investment Bank (AIIB) $750 million. After excluding the re-purpose funding of $1.1 billion, the remaining pledged net amount for construction in floor-hit areas stood at just $3.4 billion. Now the Government of Pakistain has approved the execution of almost 13 development schemes for flood-affected areas out of which six projects were approved for Sindh, five projects for Balochistan ...the Pak province bordering Kandahar and Uruzgun provinces in Afghanistan and Sistan Baluchistan in Iran. Its native Baloch propulation is being displaced by Pashtuns and Punjabis and they aren't happy about it... , and one project each for Punjab 1.) Little Orphan Annie's bodyguard 2.) A province of Pakistain ruled by one of the Sharif brothers 3.) A province of India. It is majority (60 percent) Sikh and Hindoo (37 percent), which means it has relatively few Moslem riots.... and Khyber-Pakhtunkhwa. The progress on the ground has so far been dismally slow in Balochistan. As far as the disbursement of the committed amount is concerned, Pakistain has only received $1.48 billion in shape of both project loans and commodities financing from multilateral and bilateral creditors out of total Geneva pledges of $10.9 billion. |
| Posted by:Fred |
| #1 UPDATED: JULY 13, 2023 In June, Pakistan was in a race against time to secure $1.1 billion from the International Monetary Fund (IMF) in a bid to solve its worst economic crisis since gaining independence from Britain in 1947. Days before an existing bailout package, the country’s prime minister, Shehbaz Sharif, held last-minute talks with the IMF after scrambling to meet its austerity conditions; he pledged to revise Pakistan’s budget by hiking tax rates and cutting spending. That led to a dramatic reversal from the global lender: it announced a bigger-than-expected conditional loan of $3 billion, which the IMF calls a stand-by arrangement (SBA). On July 12, the IMF approved the deal, allowing for an immediate disbursement of about $1.2 billion. Money down a rathole. |
| Posted by: Jerens Black9355 2023-10-07 07:07 |