Pakistan hopes to do away with the IMF sponsored poverty reduction programme within two years from now, thanks to the effective economic planning currently being pursued by the country.

Speaking about the present economic conditions prevailing in the country and the specific plans for the future, Dr M. Akram Sheikh, federal secretary, Ministry of Industries and Production, Pakistan said, "The IMF programme which is currently on, will get over by 2005 and we believe Pakistan doesn't require any more such programmes to support the country."

The IMF had approved $1.31 billion loan in December 2001 to help the country battle poverty. The U.S. has recently rescheduled $3 billion worth of loans owed by Pakistan and promised to write off another $1 billion loan.

Foreign exchange remittances to Pakistan from non-resident Pakistanis have doubled to $2 billion in 2001.

According to Akram Sheikh, Pakistan's economy could survive the sanctions and is now poised to grow at about four per cent. While the GDP grew at a rate of 3-4 per cent last year, the growth witnessed in GNP was more than four per cent.

Interestingly, the exports to UAE grew by 20 per cent despite the September 11-induced fear on the whole economic situation.

Dr. Sheikh was briefing the Pakistani businessmen at a function organised by the Pakistan Business Council in Dubai yesterday. He said the country's foreign exchange reserves are at a comfortable level and the country was successfully able to contain the budget deficit.

He admitted that Pakistan had been lagging behind in the past on several fronts like transparency, justice, etc, but now it is on the road towards a firm footing. "The economy is on a sound footing and at the present growth rate, we may not require any fresh IMF programmes," he said.

Inviting non-resident Pakis-tanis to invest in Pakistan, Akram said that the situation is very much investment-friendly. He was apologetic when he stated Pakistan has gone ahead with nationalisation when it was not called for, and embraced privatisation again without any purpose.

The biggest problem being faced by the country now is unemployment and the country needs investment to create employment opportunities. The government has now rationalised import duties and currently the peak duty is 25 per cent.

Akram gave his assurance that duties on raw materials will be brought down and a legal and regulatory framework will be put in place to protect investments.