During these talks, the World Bank, Asian Development Bank, Islamic Development Bank and other international financial institutions discussed various plans for providing short to medium-term support to Pakistan.
The country's foreign exchange reserves too have fallen to less than $2.5 billion in real terms, or barely enough for imports for one-and-half months. During the current fiscal year, the World Bank will provide $1.4 billion to Pakistan.
If Pakistan's programmes are approved, its international development assistance share
will be front-loaded. This includes a total of $3 billion of international development assistance during 2008-2011.
While the Asian Development Bank is negotiating assistance worth another billion dollars, the Islamic Development Bank is negotiating a proposal to raise its trade facility from $500 million to $1 billion, bringing the total pledges to about $4 billion.
Image: Pakistani men read newspapers at a stall in Islamabad.| Photograph: Asif Hassan/AFP/Getty Images
Also read: What the world's big guns say about the meltdown
| Live updates on money.rediff.com |
|
Advertisement
