ISLAMABAD - Federal Finance Minister Senator Ishaq Dar Friday said the new IMF loan package would not increase the volume of overall public debt of the country as the fresh loan would be used to repay the loans taken by the former government of Pakistan People’s Party.Talking to The Nation on Friday, Ishaq Dar said the government had taken the loans to repay those taken by the PPP-led coalition government. “We will only pay off the outstanding loans with the fresh IMF loans, so it will not affect the volume of overall debt,” Ishaq Dar said. The government would have to repay over three billion dollars during the ongoing financial year 2013-2014 and a huge amount would be repaid during the next fiscal year 2014-2015, the finance minister said, adding they were left with two options either to let the country default or seek fresh loans. “Pakistan has taken the loans under its own agenda,” said Dar. The finance minister added the government would share letter of intent regarding the IMF loan with the nation. “We will take the country into confidence in this regard,” he said. Referring to the criticism by Leader of Opposition in the National Assembly Syed Khursheed Shah on the IMF loans, the finance minister said PML-N had struck a package deal with IMF to repay $8 billion taken by the previous PPP government.It is worth mentioning here that Pakistan and International Monetary Fund (IMF) on Thursday reached an agreement for a 3-year programme of at least $ 5.3 billion under an extended fund facility (EFF). The finance minister said Pakistan did not accept the condition to impose the new taxes prior to getting the loans.Dar further said the World Bank, Asian Development Bank and other financial institutions would also provide assistance to Pakistan as the agreement with IMF would pave the way for additional money from donor banks and countries. “Pakistan will utilise foreign assistance in mega projects like Diamer Bhasha Dam and others instead of using it to run the government’s expenditures,” he concluded. Meanwhile, Finance Secretary Dr Waqar Masood told The Nation that IMF loan package did not need approval from the Parliament. Meanwhile, a two-member delegation of the World Bank, led by Country Director Rachid Benmessaoud, called on Federal Finance Minister Senator Ishaq Dar in his office on Friday. On this occasion, the finance minister said the present democratic government under the leadership of Prime Minister Nawaz Sharif was determined to revive the economy of Pakistan. “All possible steps are being taken in this direction. Under the direction of the prime minister, the government is utilising its potential to establish financial discipline. National interest is the guiding principle and all international institutions will be engaged keeping this objective in mind,” the minister said.Senator Ishaq Dar said Pakistan conducted its negotiations with IMF on the terms and conditions which were in the best interest of the country. Pakistan and the World Bank, the finance minister said, had had a history of long association and expressed the confidence that this relationship would be mutually beneficial. Rachid Benmessaoud said the international community was quite optimistic about the positive developments in Pakistan after the new government of PML-N came to power. The World Bank, he said, was ready to help Pakistan in the energy sector as well as revenue mobilisation.Benmessaoud also floated the idea of regional energy cooperation and underlined the need for connectivity within Central Asia and neighbouring countries so that the entire region could benefit from surpluses.Dar directed the Economic Affairs Division to look into the proposals of the World Bank and see how they could benefit Pakistan.In another development, Argentine Ambassador Rodolfo J Martin Saravia also called on Federal Minister Ishaq Dar and congratulated him on assuming the office of the finance minister at the moment when efforts were being made by Pakistan to improve the economy. While talking to the ambassador, the federal minister said Argentina was a friendly country with which Pakistan wanted increased trade and economic relations. Rodolfo said his country was ready to assist Pakistan in hydel power and metro bus projects being envisaged by the Pakistan government.