SBP receives $1.1 billion under CSF

WASHINGTON: The State Bank of Pakistan (SBP) has received $1.1 billion from the United States under Coalition Support Fund (CSF) after signing of Memorandum of Understanding (MoU) by the two countries regarding restoration of Nato supplies.

The money, from a US 'CSF' designed to reimburse Pakistan for the cost of counter-insurgency operations, had been withheld due to tensions between the two countries and Islamabad's closure of the supply routes.

On July 31st, the MoU was signed by US Charge D'Affaires Richard Hoagland and Additional Secretary of Defense Ministry Rear Admiral Farrokh Ahmad in Rawalpindi.

The accord became operational after formal signing by the two countries. It will be effective till December 31, 2015 and could be extended for one year after consultations.