Remittances sent: US clears old CSF dues worth $322m

ISLAMABAD: 

State Bank of Pakistan has received an amount of $322 million in lieu of the Coalition Support Fund (CSF) against old dues, a spokesman for the ministry of finance said on Friday.

Finance Minister Ishaq Dar had taken up the issue of CSF installment with the US State and Treasury Departments during his recent Washington visit for IMF-World Bank annual meeting. He had later told the media that the funds would be reimbursed to Pakistan shortly.

The remittance by US government would help in the efforts of the government to increase foreign exchange reserves, said the spokesman. Budget support for Pakistan from the US is likely to be increased to 35-40% of Pakistan’s budget, from the current 20 per cent, sources have said. For the current fiscal year, Pakistan has budgeted $1.2 billion under the CSF.

CSF is reimbursement to Pakistan for expenses already incurred and compensation for facilities made available to the US led coalition forces fighting in Afghanistan.

Published in The Express Tribune, October 19^th, 2013.