KARACHI, Sept 4: The State Bank of Pakistan on Thursday tried to reassure the volatile markets by claiming that funds would soon be arranged through sale of assets and from development partners to help fend off a brewing balance of payments crisis.

“When an individual or an institution fails to provide for its needs, assets are sold for its survival,” said a leading analyst after studying the statement of the central bank governor said to be targeting to give hope to the public in general and investors in particular.

SBP Governor Dr Shamshad Akhtar in a detailed statement e-mailed to Dawn on Thursday, said that the government had decided to sell some assets and was in dialogue with the International Financial Institutions (IFIs) to get their support.

Some commentators, however, believe that the government has been forced to avail this option as it has not been able to raise funds it requires to ease out the deficit trade and current account that has been exerting pressure on the macroeconomic indicators.

The government has been making efforts to arrange $3.5 billion from friendly countries and get oil subsidy from Saudi Arabia, but nothing has been materialised so far.

The SBP governor found it necessary to come out with a detailed statement intending to provide hope of economic revival to the disappointed business community and the investors.

“The government has decided to sell some assets and is in dialogue with the IFIs to close the financial gap,” said Dr Akhtar.

The government has been making effort to sell assets through privatisation to earn foreign exchange and pay for the ever rising import bill. However, currently investors seem to be shy to invest in Pakistan owing to law and order and economic crisis.

The statement reveals: “advanced is the discussion with Asian Development Bank which has negotiated a $500 million programme for accelerated economic transformation that focuses on supporting financial sector reforms among others.”

The World Bank has reassured the country of its support for fast tracking investment programming of about $1 billion which is focused on high priority development projects.

This hope of collectively $1.5 billion could provide some strength to the local currency that lost 20 per cent value against the US dollar.

Dr Akhtar’s statement maintains that it was not only Pakistan that has been facing serious political and economic problem. The SBP governor held the difficult global economic situation responsible for the deteriorating economy of the country.

“Whether it’s the seizing up of financial markets in the US and Europe or escalating commodity prices in the international markets, the economic news globally, so far has been far from encouraging. Pakistan, being an open