Earlier, $500 million, was offered to Pakistan in
June. Last year, the Bank gave $350 million.
The third credit will be extended from the Bank's
International Development Assistance (IDA) window.
The Pakistani and World Bank officials are also
discussing new funding for improving tax administration through IT and
better training of the personnel of the Central Broad of Revenue (CBR).
Sources said besides SAC-3, a considerable amount out
of Bank's planned $600 million assistance meant for the current year,
would be given for improving the tax administration of the CBR.
A decision has also been taken by the World Bank to
provide $100 million and $90 million for on-farm management programmes
of Sindh and NWFP, respectively.
Sources said the World Bank, IMF and the Asian
Development Bank (ADB) were extending necessary support in the hope that
Pakistan would generate a surplus income of nearly one billion dollar
annually till 2004 or about 1.5 per cent of the Gross Domestic Product
(GDP). This will be in sharp contrast to average annual resource deficit
of $1.5 billion that occurred in the 1990s. This would require major
export expansion as well substantial import saving. In addition, the
Bank expected that the government would also mobilize at least $3
billion from privatisation sales.
FDI GROWS BY 74PC IN JULY
Foreign Direct Investment (FDI) was $42.4 million in
July 2002 compared to $24.4 million of the corresponding of last year.
According to details released by the Board of
Investment (BoI) on Wednesday, the FDI registered 74 per cent increase
with the US as top investing country which brought in $23.7 million of
investment in Pakistan.
Other top investing countries include Saudi Arabia
($3.5 million) United Kingdom ($2.8 million), United Arab Emirates ($2.7
million), France ($1.7 million) and Japan ($0.7 million).
The leading sectors in which FDI has come include:
oil and gas, transport, financial business, personal services, trade and
It has been projected that with the sale proceeds
from the privatization of United Bank Limited (UBL) and other pipeline
transactions, the FDI during the current financial year will cross $1
CHINA TO INVEST IN TEXTILE SECTOR
Leader of 12-member Chinese textile delegation Cao
Xinyu said on Tuesday that Chinese companies are willing to form
strategic linkage with their Pakistani counterparts in textile sector.
Cao, who is also vice chairman of China Chamber of
Commerce for Import and Export of Textiles (CCCT), stated this in a
meeting held with the Minister for State and Chairman Export Promotion
Bureau (EPB), Tariq Ikram, at EPB offices.
He said that over the past two years, China has become, for the first
time a capital exporting nation with $7 billion invested abroad.