TORONTO, June 22 The two-day G8 Summit beginning in Canada on Friday will consider Ottawa's plan to bring about prosperity in border areas of Pakistan and Afghanistan to end terrorism in the region, official sources said here on Tuesday.

During the deliberations, the G8 member countries are likely to ask the World Bank and the IMF to provide loans to Pakistan to implement the plan which is known as “Canadian prosperity initiative”. Pakistan welcomes Canadian fresh initiatives for peace but says the proposed development projects, including setting up of industries, should be funded by G8 member countries.

“Beyond doubt, Ottawa's development plan would be very useful. But it should be funded by the G8 member countries themselves as Islamabad cannot afford to acquire more loans from World Bank or the IMF,” said Toronto-based Pakistani Consul General Sahebzada A. Khan.

Pakistan, he added, was already incurring heavy losses on account of the ongoing war against terrorism.

The consul general said Pakistan was hoping that G8 countries would provide funds while approving the Canadian plan during the summit.

The Group of Eight (G-8) comprises Canada, France, Germany, Italy, Japan, Russia, the United Kingdom and the United States. Canada is also hosting the G20 Summit here at the Metro Toronto Convention Centre from June 26 to 27.