WB, ADB, IMF missions cancel Pak trips

Khalid Mustafa
ISLAMABAD: All missions of international financial institutions, including the IMF, World Bank and the Asian Development Bank (ADB), scheduled to arrive in Pakistan this week and in following weeks have cancelled their tours on account of the expected backlash from the killing of al-Qaeda chief Osama bin Laden.

The WB, ADB and the IMF sent emails to economic wizards of the current government, saying the visits of their missions have been cancelled till the restoration of normalcy.

When contacted, Finance Secretary Dr Waqar Masud said all missions of international financial institutions had cancelled their visits because their concerned departments had issued travel advisory flowing the killing of Osama bin Laden.

The IMF mission, which was due to arrive in the next week for a fifth review meeting, will not land in Pakistan and talks may be held in Dubai. The date is yet to be finalised.

Separately, officials at local IMF, World Bank, ADB and USAID offices in Islamabad have also been asked to cancel their official engagements with government officials even in the secretariat until normalcy is restored.

The scheduled visit of IMF mission to Pakistan on May 8 was very important in terms of the finalisation of the budget 2011-12, for the fifth review meeting and the release of sixth tranche under the $11.3 billion SBA programme loan.

Pakistan badly needs the Letter of Comfort (LoC) for obtaining budgetary support from the World Bank and the Asian Development Bank (ADB) in the current fiscal year and the Fund can provide ease to Pakistan in this regard.