ISLAMABAD - Federal Minister for Finance and Economic Affairs Saleem H Mandviwalla categorically stated on Tuesday Pakistan would not default on repayments to the international institutions. The International Monetary Fund had never projected Pakistan would default on repayments to the international institution(s), Mandviwalla told a press conference, adding that being a country of 200 million people, Pakistan could never default. The minister said Pakistan was in contact with the IMF and the next round of talks would take place this April. "We have recently discussed the fresh loan package with the IMF but have not decided to take it yet," he said, and added Pakistan would ask for a fresh loan package whenever “we need it”. Pakistan was repaying to the IMF, the minister informed.The minister further said the Pakistan Steel Mills (PSM) had been revived through a bailout package that the government had already announced. He said the Economic Coordination committee (ECC) agreed to the request of the Ministry of Defence for arrangement/provision of $46 million by the Finance Ministry with or without the GOP guarantees enabling the Pakistan International Airlines Corporation (PIAC) to acquire five narrow body aircrafts to replace its ageing fleet. Mandviwalla also said the country's GDP growth would increase to five per cent and foreign remittances would enhance to $20 billion. “We have resolved the issues of the Ministry of Water and Power as well as the Pakistan State Oil,” he went on to say. The minister also said power supply was restored almost across the country and the situation would improve in the days to come.The government had, Mandviwalla said, started to prepare the budget for the next financial year 2013-2014, in which a policy would be adopted for ‘savings’. He said he had directed to take decisions on the pending files.