ISLAMABAD: Finance Minister Ishaq Dar on Wednesday categorically stated that the grant of $1.5 billion from a ‘friendly country’ was without any conditions attached to it.

Making a policy statement in the National Assembly, Dar said that the grant would not be paid back to the ‘friendly nation’. The grant shows the confidence of the international community on the Pakistan economy, he said.

Dar also said that the government would not send Pakistani forces to any other country, including Syria, at any cost.

“Our foreign policy is very clear that Pakistan will not interfere in other country’s affairs,” he said.

Giving details of the $1.5 billion, he said that the first tranche of $750 million was received on February 19, while the second tranche was transferred on March 7. This transaction took place from one central bank to the other, said the finance minister.

He added that no road shows or conferences were conducted for this assistance as the ‘friendly country’ came forward on its own to help Pakistan’s economy.

The ‘friendly nation’ is among 26 countries that are part of the Friends of Democratic Pakistan forum, which was launched in September 2008.

The forum had provided $341 million out of $6 billion pledged during the previous government’s tenure, he said.

The finance minister added that negative statements on the assistance should be avoided, and vowed that the aid would be used for the welfare of the people.

Pakistan to float eurobond in first week of April

Expressing his views on the economic performance of the country during the past eight months, Ishaq Dar said that tax collection, home remittances and exports have witnessed a growth during this period.

So far 17 per cent growth has been recorded in tax collection, he said.

The positive economic indicators have also restored the confidence of the international financial institutions. These institutions are now declaring Pakistan as an attractive place for investment, he claimed.

The finance minister announced that the government has decided to float eurobond in the international market in the first week of next month keeping in view the confidence expressed by foreign investors.

Regarding increase in electricity tariff, he said that the government had nothing to do with it. The difference of oil prices is adjusted after every month, and the government is giving subsidies of up to Rs 250 billion to 270 billion per annum to power consumers.

The impact of a cheaper dollar would be reflected in power prices from next month, he said.