May 28, 2008	Wednesday	Jamadi-ul-Awwal 22, 1429

ISLAMABAD, May 27: The World Bank has offered financial and technical assistance to Pakistan for controlling the rising food prices and reducing the yawning budget deficit.

The bank will provide the assistance from its food crisis response fund created in the wake of global food crisis. The offer was made by World Bank Vice-President Praful C. Patel during a meeting with Prime Minister Syed Yousuf Raza Gilani here on Tuesday.

Senior officials of the World Bank and IMF are in Islamabad to review the economic situation and suggest measures to steer the country out of the economic crisis it is facing.

The WB vice-president assured that the bank’s agreed programme would be delivered during the course of the current financial year.

Mr Patel said the World Bank would continue to be a partner in the development of Pakistan and would provide assistance in areas like water and power, infrastructure, education and poverty alleviation.

Prime Minister Gilani said that Pakistan’s economy was growing and his government would try to improve the macro-economic profile of the coun-

try with a view to achieving an impressive growth rate and improving living conditions of people.

Mr Gilani said that people had high hopes from the new government which was committed to reducing poverty, increasing per capita income, generating more jobs and improving people’s living standard.

He said the government would soon introduce prudent economic policies and ensure their successful implementation. The formation of the Economic Advisory Council was a step in this direction, he added.

IMF Director for Middle East and Central Asia Department Mohsin S. Khan also called on Prime Minister Gilani.

The prime minister informed him that the government had taken various measures to curb the rising fiscal deficit caused by unprecedented hike in oil and commodity prices in the international market.

He appreciated the IMF advice for improving the financial health of the country. He said the government would tighten the economic management and take steps for poverty alleviation and employment generation.

He said the government would try to minimise dependence on borrowing from the State Bank and would meet the deficit from other sources. Efforts would be reinforced to mobilise external inflows, he added.