Top economic team reaches US to restore Kerry-Lugar Bill, CSF fund

In an apparent attempt to restore the aid provided to Pakistan through the Kerry-Lugar Bill and the Coalition Support Fund (CSF), a top economic team from Pakistan has reached Washington, said an official on request of anonymity. Federal Finance Minister Dr Abdul Hafeez Shaikh, the State Bank of Pakistan governor and the Finance secretary have reached Washington. The economic team reached the USA last Monday and will hold talks with the US and World Bank authorities about the restoration of aid to the country. “The federal minister is also expected to discuss financial assistance for the Bhasha Dam and Tarbela Dam,” said the official, adding that the minister will also attend the annual meeting of the International Monetary Fund (IMF) and the WB. The Kerry-Lugar-Bergman Act was passed by the US Congress in 2009 to enhance USA’s partnership with Pakistan.
The bill authorised the release of $ 1.5 billion per year to Pakistan as non-military aid from 2010 to 2014. It was proposed by Senators John Kerry and Richard Lugar. Minister Dr Abdul Hafeez, in his very recent meetings with the US officials, reiterated Pakistan’s demand for the payment of the US grant under the CSF to Pakistan. He informed them that Pakistan had placed the grant it expected to receive from the CSF in its budget for the current financial year and that if it does not receive the grant; the economic troubles of the country are likely to worsen. Pakistan had projected that it would receive $ 800 million as part of the CSF, but it had yet to receive any funds as of December 2010.