Pakistan to pay all debts<\/p>\n
ISLAMABAD (Reuters): Pakistan said on Sunday there was no
\nchance of default on its US$30 billion debt because Moslem states
\nhad come to its rescue.<\/p>\n
\"The prophets of doom and gloom ought to wake up now and
\nrecognize the upbeat note of the situation,\" a spokesman for
\nPrime Minister Nawaz Sharif's Muslim League said.<\/p>\n
The spokesman told the official APP news agency that the
\nIslamic Development Bank (IDB) had agreed to the setting up of a
\nUS$1.5 billion fund to help Pakistan out of a cash crisis.<\/p>\n
\"It was only natural that Pakistan should turn to its brothers
\nin faith to overcome the ensuing difficulties, and they have
\nrallied round as expected,\" the spokesman said.<\/p>\n
The statement was issued as International Monetary Fund (IMF)
\nexperts in Islamabad held technical discussions on Pakistan's
\neconomic performance to assess the scope for resumption of a
\nstalled $1.56 billion credit.<\/p>\n
The Jeddah-based IDB is finalizing the fund for Pakistan to
\nhelp it plug a balance of payments gap of $4.5 billion due by the
\nend of the year.<\/p>",
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"sponsor": "Okusi Associates",
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