Pakistan to receive $5bn

Pakistan is expecting to receive almost USD five billion from lenders in six months through International Monetary Fund (IMF), United Arab Emirate's (UAE) Etisalat and World Bank. According to an official, a deal was agreed with IMF and Pakistan is expecting to get more than USD 3 billion in six months. Moreover, two major multilateral agencies the World Bank and Asian Development Bank are expected to disburse about USD 400-500 million each by January 2014 under the programme lending to Pakistan that was suspended for more than three years. Almost USD 800 million was held up with UAE's Etisalat as proceeds of the privatization of Pakistan Telecom Communication Limited (PTCL) held in 2005. The Finance Minister of Pakistan, Ishaq Dar held separate meetings with delegations of the World Bank led by Country Director Rachid Benmessaoud and a team of Etisalat headed by PTCL President Walid Irshad. The Finance Minister held meetings to resolve the dispute over the transfer of properties of PTCL with Etisalat and removing the hurdles in a 10 days time to close the longstanding issue, an official told. Ishaq Dar has assured the delegation of Etisalat that the process of transfer of titles of about 120 properties in the name of PTCL would be completed this month. He told that the present financial situation in the country demanded an early settlement and expected Etisalat delegation to resolve the issue on the spirit of brotherly relations between the two countries. During the meeting with two-member delegation of the World Bank, Ishaq Dar discussed resumption of its lending programme and said he hoped that the relationship between the government and the World Bank would be mutually beneficial. The delegation said that the World Bank was ready to help Pakistan in the energy sector and revenue mobilization.