$500 million IFC contribution: Ministries ignorant about existence of PDF

All relevant ministries have expressed their ignorance about the existence of Pakistan Development Fund (PDF) or ongoing discussions with the International Finance Corporation for $500 million contribution. An official of Finance Ministry on condition of anonymity stated that in June 2016 Finance Minister Ishaq Dar discussed making PDF operational in the first quarter of 2016-17 with the country Director, Asian Development Bank (ADB).
However, it remains unclear whether the PDF was operationalized or not, he added. Spokesman of the World Bank responding to an email of Business Recorder stated, "IFC does not comment on internal business deliberations. Any project that IFC is considering gets disclosed on its website." Business Recorder checked the IFC website but so far at least there is no mention of the matter.
The State Bank of Pakistan (SBP) spokesman Abid Qamar said that "PDF is no document and any inflows into it are reported in the balance of payment." He further stated that $1.5 billion inflows from Saudi Arabia were also reported in balance of payment and are now part of foreign exchange reserves. "We will report it as and when the amount is withdrawn from foreign exchange reserves for some other purpose." he added. Responding to a question of $500 million by the IFC, he too expressed his ignorance and stated his knowledge was limited to what he had read in the media.
The Economic Affairs Division (EAD) deputy secretary who deals with the WB said this matter directly relates to the Finance Ministry while DG Debt of the Finance Division stated that the EAD is the right forum to ask this question as it deals with foreign loans.
When contacted, a Joint Secretary of External Finance Ministry of Finance stated he does not deal with it while a senior official in the Director General Debt said all the loans are routed through the EAD. He added that the appropriate ministry to ask this question was the EAD as the Debt Office had no information about any ongoing discussions for any such transaction.