World | Pakistan
Zardari seeks funds to overcome economic crisis
Pakistan needs about $25 billion (Dh92 billion) in investments to overcome the country's economic crisis.
- By Ashfaq Ahmed, Chief Reporter
- Published: 23:15 November 25, 2008
Karachi: Pakistan needs about $25 billion (Dh92 billion) in investments to overcome the country's economic crisis.
The main purpose of President Asif Ali Zardari's two-day visit to the UAE, which concluded on Tuesday, was to secure some "economic relief" for Pakistan, which requires investment in projects ranging from big and small dams to development of terrorist-infested Federally Administrated Tribal Area (FATA).
Zardari has vowed to steer the country out of crisis with the help of political forces and friendly countries.
He termed the present situation an "era of economic terrorism", saying Pakistan was also facing this terrorism, but the country would face the situation with courage.
Gulf News got a report of the Planning Commission that contains details of the projects discussed at a recent technical-level meeting held in Abu Dhabi on November 17 with the Friends of Pakistan group. It revealed that Pakistan needs at least $25 billion to bring the country's economy out of the woods.
According to reports, after securing a $7.6-billion loan from the IMF, Pakistan is now in a position to attract investments from the group which includes the UAE, Saudi Arabia, China and the US.
The report, which was presented to the closed-door meetings, indicates that Pakistan is seeking $4.75 billion for major projects - $2.6 billion for Bhasha-Diamer dam, $1.15 billion for Munda dam and $1 billion for Thar coal development to overcome the energy crisis.
The country will require $1.45 billion for building small dams in its four provinces - $147 million for eight dams in Punjab, $672 million for eight dams in Balochistan, $221 million for seven dams in Sindh and $412 million for nine dams in the NWFP.
An investment of $646.1 million has been sought for surface, sprinkler and lift irrigation. An estimated $9 billion will be spent on national trade corridor involving construction of 3,000km of roads.
The government has sought $1.163 billion for construction of highways. Out of these, $250 million is for construction of 18km-long elevated Rawalpindi flyover and $125 million for 1120km Chakdara-Dir-Chitral road.
An amount of $2 billion is required for special agricultural projects, including value-addition, research, farm forestry and foodgrains storage.
"The meeting agreed to formulate a workable strategy through which Pakistan can be assisted in its energy needs, economic upliftment, infrastructure, institution building, improved trade access and security," said Javed Malik, Dubai-based Ambassador at Large of Pakistan.
The meeting also decided to launch a public diplomacy campaign to project the Friends of Pakistan initiative.
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