ISLAMABAD: The government is seeking expedited disbursement of funds from the United States and Asian Development Bank (ADB) to rein in fast depleting foreign exchange reserves and currency devaluation.

On Thursday, Finance Minister Ishaq Dar had a meeting with US ambassador Richard G. Olson in Islamabad and sought expedited reimbursement of dues on account of Coalition Support Fund (CSF) to help Islamabad improve its foreign exchange reserves position.

“The ambassador assured the finance minister that he would convey Pakistan’s position to the United States government”, an official statement said.

“An amount of $381 million will be transferred to Pakistan during the current month under CSF”, a senior government official told Dawn. These bills are outstanding against the United States for the services Islamabad provided to Nato forces in Afghanistan for October-December 2012 period, the official said.

An amount of about $1.5 billion has since been built up for Jan-Dec 2013 but Pakistan has so far billed the US only for first two quarters of the current calendar year i.e. January-June 2013.

Moreover, the government is coordinating with the ADB and expecting release of about $40m on account of Benazir Income Support Programme (BISP) during the current month. The disbursement is subject to resolution of audit objections on the performance and utilisation of BISP funds.

Dar and Olson also discussed matters relating to bilateral economic issues, particularly Pakistan’s energy needs. “The United States has a strong sense of the energy crisis in Pakistan and is willing to support Pakistan in overcoming the crisis”, Mr Olson was quoted in an official statement issued by the Ministry of Finance.

Pakistan is seeking softer approach from the US administration on Iran-Pakistan gas pipeline project to address Islamabad’s growing energy crisis following an initial thaw in relations on nuclear standoff.

A Pakistani energy delegation led by Petroleum Minister Shahid Khaqan Abbasi is scheduled to visit Tehran for fresh negotiations to work out modalities for the implementation of the strategic pipeline project under revised pricing, financing and implementation schedule.

Pakistan and Iran had agreed last month during a visit of Prime Minister’s security and foreign affairs adviser Sartaj Aziz to resume talks on the project that remained suspended for almost six months.

An official statement said Mr Dar and Olson also exchanged views on 1,320-MW Jamshoro Coal Power Plant. The ambassador was told that the government was confident about the approval of a loan by the ADB board for the Jamshoro Plant which will accelerate the efforts of the PML-N government to add power to national grid based on cheaper fuel.

An official said a meeting of the ADB board of directors, scheduled to meet on December 9, was expected to approve about $900 million for Jamshoro coal project but its disbursement was not expected soon and would follow completion of procedural formalities on project contract and related legal issues.

The ADB funding for the Jamshoro plant is part of larger $1.8 billion financing agreed to by international lenders to add 660MW each of two units on coal. Pakistan plans to generate about 9,800-MW of electricity through coal to contain rising electricity generation cost.

The total cost of the Jamshoro project is estimated at $2.6bn for which the Islamic Development Bank, Exim Bank of China and Japan International Cooperation Agency are also expected to contribute about $1bn while remaining funding would be arranged by the government at its own. The project is targeted to be completed by 2016.