Our Staff Reporter
ISLAMABAD
Pakistan has requested Korea to enhance the existing soft loan portfolio from $180 million to $250 million.
The Ambassador, Republic of Korea, Dr. Song Jong Hwan met Secretary Economic Affairs Division, Saleem Sethi here to discuss bilateral economic cooperation. Regarding EAD’s request seeking response on the proposal for Framework Arrangement to enhance the existing soft loan portfolio from $180 million to $250 million, the Ambassador handed over a revised draft for consideration by Pakistani side. The agreement to this effect would be signed after completion of codal formalities, it was discussed.
Secretary EAD apprised the Ambassador that EAD was in the process of formulating a Foreign Assistance Policy Framework to reconcile the requirements of different donors with the priorities of the Government of Pakistan. Once the Framework was finalised, it would be circulated among all the donors including ROK. The Ambassador appreciated the initiative and assured his cooperation on the same. The Korean Ambassador extended an invitation to Secretary EAD for visiting Korea to discuss various bilateral issues. The Secretary thanked the Ambassador for the invitation, saying decision in this regard would be taken in due course.
The Korean assistance to Pakistan, it may be mentioned, is being extended in pursuance of a pledge of $200 million made in the Friends of Democratic Pakistan (FODP) Donors Conference held in Tokyo. It comprises of $20 million as grant through Korean International Cooperation Agency assistance and $180 million under Economic Development Cooperation Fund as soft loan.