ISLAMABAD, April 29: Pakistan and the United States have finalized details of a $701 million military and economic assistance package to be offered to Islamabad in November, Finance Minister Shaukat Aziz said on Thursday.

"The US government has sent a formal request to the US Congress to approve a $701 million military and economic assistance programme for Pakistan which is to be approved on November 1 along with the US budget for 2005," he said.

Talking to Dawn here on Thursday after his return from a visit to the United States, Mr Shaukat Aziz said he had held useful talks with senior US officials besides meeting the functionaries of the US Exim Bank, USAID and the chief of the economic wing of the National Security Council.

He said the Bush administration had decided to offer $300 million each as part of the military and economic assistance programme for Pakistan. "Then, additionally, they have approved $101 million development assistance for health, education, narcotics control and law enforcement," he said.

The finance minister said he had met Ted Steven, chairman of the Senate Appropriation Committee, and Jim Kolbe, head of the House Appropriation Committee. He said meetings were also held with US Secretary of Treasury John Snow and Under-Secretary of State for Economic Affairs Alan Larson. "And they assured us that the US will provide all necessary military and economic assistance to Pakistan."

He said that a $480 million debt, out of a total of the $2 billion loan that Pakistan owed to the US, would be written off this year for which broad understanding had been reached between the two countries.

Mr Aziz said the US Exim Bank had decided to open up credit facilities for the American investors to help them do business with Pakistan's public sector. Besides, Mr Aziz pointed out, an Exim Bank delegation would visit Pakistan next month to assess the credit needs of the private sector.

"The US investors appear keen to invest in the power sector and undertake some railway projects for which the Exim Bank will extend the required guarantee," he said.