World powers have pledged development aid to Pakistan to combat militancy and stabilise the tottering economy of the country.
NEW YORK: World powers have pledged development aid to Pakistan to combat militancy and stabilise the tottering economy of the country, whose foreign exchange reserves have touched the all-time low of USD 3.5 billion.
Though no figures were given, Pakistan Foreign Secretary Salman Bashir, who spoke at the meeting of the newly-floated "Friends of Pakistan', said Islamabad immediately needed USD 10-15 billion to deal with the current financial crisis.
The group, which met here on the margins of UN General Assembly yesterday, comprises the US, China, UAE, Britain, France, Germany, Canada, Turkey, Australia, Italy and the EU.
It agreed to form a partnership with Pakistan "to develop a comprehensive and coordinated approach" to the security, development and political needs of the Pakistani border areas," said a statement issued after the meeting.
At the meeting attended by the Foreign Ministers of the member countries of the group and co-Chaired by Pakistan President Asif Ali Zardari, Islamabad was told to undertake serious economic reform and the group also agreed to provide improved trade access to Pakistan.
The Friends of Pakistan group expressed determination to support the government in its efforts to consolidate democracy while expressing outrage at acts of terrorism in Pakistan, in particular the recent attack on the Marriott hotel that killed 53 people.
It made clear it that it stood shoulder-to-shoulder with Pakistan in its fight against such terrorism, Pakistan's official APP news agency reported.
At the request of Pakistan, the Group agreed that a special representative be appointed from a member nation or organisation to take forward its agenda and in this regard decided to meet again in Abu Dhabi within a month to determine a detailed programme of work, the report said.
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