ISLAMABAD - Showing satisfaction over the current economic situation, Secretary Finance Dr Waqar Masood Khan Friday informed that the government has issued investment bonds worth Rs 391 billion to resolve the circular debt issue of food commodity and power sector. Talking to the media persons, Finance Secretary said that State Bank of Pakistan has issued the Pakistan Investment Bonds (PIB) worth of Rs 195 billion and t-bills worth Rs 195 billion in order to resolve the circular debt issue of food commodity and power sector. Among Rs 391 billion, Rs 313 billion circular debt is of power sector and Rs 78 of food commodity. This step (issuing bonds worth of Rs 391 billion) would increase the fiscal deficit by 1.8 per cent of the GDP during the current fiscal year 2011-2012, he added. Dr Khan has categorically said that Pakistan is not going to request another International Monetary Fund (IMF) programme, as he believed there were no need of it. Pakistan and IMF would hold discussions under article IV in Dubai from November 9-16, he said and added that it is obligatory on the fund's member to hold this discussion once in a year. Pakistan would have to repay to $1.2 billion to IMF in the third and fourth quarters of the ongoing financial year, informed Secretary Finance. He said that Pakistan would seek Letter of Comfort (LoC) from IMF that is important for holding deals with other institutes like World Bank and Asian Development Bank. He was of the view that if IMF does not issue LoC to Pakistan then we had already set its alternative. Dr Khan further said that Pakistan Railways (PR) would run its train service with the help of private sector. The income of PR deficit had reduced to Rs 14 billion currently from Rs 28 billion of three years ago due the majority of locomotives are dysfunctional, he added. Among 400, only 150 locomotives are functional are functional. He further informed that Pakistan State Oil (PSO) want that one freight train should run daily to carry oil while National Logistics Cell want to run two freight trains. Talking about Pakistan International Airlines (PIA), Secretary Finance said that Prime Minister has asked them to present their plan then we would consider the financial aid/help. Dr Waqar further said that power sectors reforms are under process and power demand ands supply is almost equal in the country. The process of appointing new Chief Executive Officers (CEOs) in GENCOs would also be completed in November, he added. Talking about the current economic situation, he said that fiscal deficit remained at 1.1 per cent of the GDP during the first quarter (July-September) of the ongoing fiscal year against the 1.5 per cent of the same period last year that clearly reflects improvement. Similarly, he said, exports grew by 18 per cent and remittances by 24 per cent during the first quarter. The imports also went up by 23 per cent during July-September period mainly due to the higher oil import bill, he said and added that Federal Board of Revenue (FBR)'s revenue collection stood at Rs 380 billion in the first quarter mainly due to the steps taken in March 2011 by eliminating tax exemptions on several sectors.