ISLAMABAD - Pakistan is trying to convince the United States to release two tranches worth over $ 700 million under Coalition Support Fund (CSF) together by March 2015, it was learnt on Saturday.

“The government is trying to get released two tranches worth over $700 million together before March 2015,” Finance Secretary Dr Waqar Masood said, while talking to The Nation. He further said the country would definitely receive one tranche worth around $370 million during this quarter (before March) in case the US did not agree to release two tranches together.

Pakistan also raised the issue of pending CSF amount with US Secretary of State John Kerry during his recent visit, sources in the Finance Ministry revealed.

Pakistan has already received two tranches during the ongoing financial year 2014-2015. The country received $371.4 million in the last week of August and $370 million in October 2014.

The amount under CSF to be released during the current quarter (January to March) would build the foreign exchange reserves. The country’s reserves are currently $15.06 billion of which $10.37 billion are of State Bank of Pakistan and $4.7 billion of commercial banks.

The country’s reserves reached $15 billion last month with the auction of Sukuk bond and receipt of two tranches from IMF. Pakistan in late November 2014 held the auction of Sukuk bond, which generated $1b for the national kitty.

The government was expecting to have only $500m, but the issue received a very high interest of investors that made subscription of $2.3b. The government decided to accept offers of $1b for the 5-year tenure at a profit rate of 6.75pc.

Similarly, the IMF’s Executive Board on December 17 completed the fourth and fifth reviews of Pakistan’s economic performance under a three-year programme supported by an extended fund facility (EFF), releasing $1.1 billion.

The government has achieved its target of enhancing foreign exchange reserves to $15 billion after receiving two tranches worth $1.1 billion. Pakistan has now become eligible for securing loans from the International Bank for Reconstruction and Development (IBRD) that would enable it to undertake major projects.