Pakistan seeks $ 100 millions aid from W. Asia
Pakistan has sought $100 millions in economic assistance from Muslim States of West Asia to tide over its balance of payment problems and reply debt lianilities, says U.N.
Reports published in Dacca English dailies say that Pakistan hoped to get $50 to 60 millions from Saudi Arabia and the rest from Libya, Kuwait and other gulf states.
Two non-official delegations “led by a banker and an industrialist respectively who have good relations with Arab Monarchs” are being sent to the countries to sound out prospects of assistance.
A Pakistani news agency report published in the Morning News says “Pakistan’s foreign exchange earnings have been adversely affected as a result of a decline in export from Bangladesh.
“The Bangladesh exports were hit at a time when these were expected to be at a peak to met the annual export targets as well as fulfilling the foreign sales and other commitments under private and public sector arrangements.
“As a result of the difficult foreign exchange position, Pakistan has temporarily put off repayment of certain foreign debts with effect from May 1″
A Rawalpindi reports says that rehabilitation of communications and transportation, including bridges, road and rail lines damaged during fighting in Bangladesh will cost at least $70 million (Rs.52.5 crores). World Bank sources reported on Friday on the arrival at Rawalpindi of World Bank International Monetary Fund mission from Bangladesh, says A. P.
Two sources close to the mission estimated the jute crop which provides the largest single source of foreign exchange earnings for the Pakistani economy will decline by at least 21 percent or the more of six million bales produced last year.
Mission observers reported the crop area would decrease by 40 per cent and yield would decline because farmers were not tending the crop.
Exports of raw jute already have declined by 35 per cent over 196970 in the first nine months of the fiscal year ending this month.
According of officials more than ten weeks after the Pakistan Army struck in Bangladesh production in the jute production in the heavily agricultural province was between 15 and 25 per cent of normal.
The mission will remain in the capital until the end of next week.
A UNI report from Delhi says that a three-Member British Parliamentary delegation arrived in Rawalpindi on Saturday on-a weeks visit to study the conditions in Bangladesh.
Reference: Hindustan Standard 13.6.71