Cash-starved Pakistan facing severe balance of payments position and fast depleting forex reserves may be compelled to revert to the International Monetary Fund (IMF) for support fund, finance adviser Shaukat Tareen has hinted. “We will go back to the IMF loan programme, if Pakistan is not able to bridge within 30 days its fiscal gap with the help of international donors and the friends of Pakistan group,” Tareen told mediapersons on return from a visit to Washington, from where he flew to Beijing to join President Asif Zardari.

The visit to China was also aimed at seeking immediate Chinese credit line to bolster reserves. The Chinese leadership promised generous help to its staunch friend in averting a free fall of the economy, but stopped short of pledging any cash immediately, said top official who accompanied Zardari. Pakistan, however, has not entirely lost hope and expects the Chinese to come out with some commitment at the forthcoming ‘Friends of Pakistan’ meeting in Abu Dhabi later this month along with other members of the forum that has been launched with the initiative led by the UAE during Zardari’s trip to New York last month. The current global financial crunch has dampened much of Pakistani expectations of a massive dose of cash it had originally projected at about $ 10-12 billion.

The PPP-led coalition had declared in June that it would not move the IMF fearing a political backlash.

Moscow, October 19
Russian foreign minister Sergei Lavrov will embark on a one day visit to India during which the two countries will discuss the nuclear trade and construction of two nuclear reactors at Kudankulam.

During his visit starting tomorrow, Lavrov will hold talks with his Indian counterpart Pranab Mukherjee over a wide range of bilateral and international issues. He is also scheduled to call on Prime Minister Manmohan Singh during his visit.

Finalisation of the agreement on the construction of four more VVER-1000 nuclear reactors in Kudankulam will be among the issues of Lavrov’s talks, first since the IAEA and the NSG waivers and clearing of 123 agreement by the US Congress on nuclear trade with India.

Diplomats here widely believe the agreement will be signed during Russian President Dmitry Medvedev’s India visit in early December.

According to foreign ministry spokesman Andrei Nesterenko lifting of international curbs on civilian nuclear commerce would allow Russia and India to translate their existing agreements into practical ones and move ahead in deepening cooperation in nuclear sector to boost bilateral economic interaction.

Lavrov is also expected to discuss bilateral and multilateral efforts in tackling the current global financial crisis and creation of a new financial system reflecting the realities of a multi-polar world. — PTI

BRIEFLY

Sikh businessman shot dead
Kuala Lumpur: Sawat Settee (70), Sikh cloth merchant, was shot dead by two unidentified men in Thailand’s capital city of Bangkok on Friday. He had been shot in the neck. Two men on a motor cycle followed Sawat and the pillion rider pulled out a pistol and fired a shot before fleeing, the Bangkok Post reported quoting witnesses. However, his factory had been seized by the Legal Execution Department on a court order and was being auctioned. He had appealed against the auction, which one bidder won with an offer of 52 million baht (Rs 72 million approx), the report said. Swat filed an appeal after learning that a group of people had sneaked in and checked his assets despite the fact that the bidding process had not yet been completed because of some outstanding payments. — PTI

Sarkozy’s bank account ‘raided’
London: Even as the French President is using his skills to revamp the world's financial system, fraudsters have siphoned money out of Nicolas Sarkozy's bank account after obtaining his user name and password. The French leader complained to the police after 'small amounts' began disappearing from his account. “We can confirm that an investigation is underway into amounts of cash stolen from the President's bank account,” a financial prosecutor was quoted as saying by the Daily Telegraph on Sunday. Fraud squad officers were probing the embarrassing case in September, Sarkozy's office confirmed. — PTI

Treasure found inside Buddha statue
KABUL: A German team has discovered a great-sealed small jute bag inside one of the two giant Buddha statues in Bamiyan, central Afghanistan. The bag was found in an unexploded small hole that had supported the Buddha’s right hand with a wooden framework, while it was still intact. It was there before the structure spontaneously decayed, on the eastern side of the statues, according to discoverer Bert Praxenthaler, an expert of renovation from the International Council on Monument and Sites. The hemp sack is 5 cm in height and width and has what looks like a lion and horse clay great seal. — Kyodo

£2,00,000 raised for street children
LONDON: A UK-based charity has raised over £2,00,000 for poverty-stricken children in India, particularly street children of Mumbai. The amount was raised at a Magic Bus Gala Dinner and fund raising auction at The Dorchester Hotel, Park Lane, in the heart of London. “This year we have launched our schemes across India with the help of the Indian government and UNICEF,” Matthew Spacie, MBE, founder and CEO of Magic Bus said, adding that, the charity would conduct programmes commencing in Delhi, Andhra Pradesh and rural Maharashtra with an outreach of over 1,50,000 children. — PTI

Indians ‘second biggest complainants’
DUBAI: Indians form the second biggest complainant group in Qatar after Filipinos, the country’s Labour Department statistics in August has revealed. Of the total complains filed in August, 14.1 per cent were filed by Indians who were being led by Filipinos (32.1 per cent), the report said. Talking about the service sector, construction workers top the chart of the complainants with 41.2 per cent complains being registered by them. Complaints lodged by those working in the wholesale and retail trading sector represented 10.5 per cent and the other sectors constituted 48.3 per cent of the total number recorded in the month. — PTI

Floods kill 17 in central Vietnam
HANOI: Flash floods from heavy rains in central Vietnam this month have killed at least seven persons, the government said. Three provinces Thua Thien Hue, Quang Nam and Quang Ngai were the hardest hit with ten thousands of homes submerged under water on Saturday, the government’s Dyke Manangement, Flood and Storm Control Committee said. It warned of more flash floods and landslides, and ordered the evacuation of homes in the mountainous districts in the three provinces. — Reuters