ISLAMABAD - Advisor to PM on Finance, Shaukat Tarin here on Thursday said that Pakistan was likely to get 5 to 6 billion dollars from World Bank and other international financial institutions (IFIs) by December this year. During his speech in the Upper House, Tarin said that it would not only build the confidence of Friends of Pakistan (FoP) but at the same time would help reverse capital flight. "China has also committed to provide $ 500 million to Pakistan that would further enhance confidence of FoP", he told the Senate. Dispelling the impression that International Monetary Fund (IMF) facility would cast a negative impact on national economy, Advisor to PM said that IMF had agreed to provide facility on Pakistan's terms and conditions. "The second point we discussed with IMF was zero borrowing from State Bank. We believe there should be no net borrowing from State Bank", he added. He said due to that policy the fiscal deficit which was estimated at Rs 175 billion during the first year had come down to Rs 138 billion. He said that from the outstanding debts Rs 160 billion had come back to government's table and the government had done no additional borrowing. He said that the government was committed to its word of zero borrowing from Central Bank. He said the government would display the conditionalities of IMF on its official website regarding the loans and added that the government had also demanded the endorsement of its plan by IMF for providing loans. He said all the conditions were already in place as part of the national budget for current fiscal including reducing the fiscal deficit, current account deficit, inflation and increasing tax to GDP ratio. He said the government had targeted to reduce the fiscal deficit from current 7.4 percent to 4.3 percent, current account deficit from 8.4% to 6.7% and increase tax to GDP ratio from 8-9% to 15% within next five to seven years. He said the economic situation started worsening since 2004 when the dollar price was kept stable artificially and the then government was declaring the country as Asian Tiger and next to BRIC, contrary to the fact that the country was about to bankrupt in last June. He stressed for the elimination of inflation, describing it the 'worst enemy' of the economy and said that no country can make sustainable growth until inflation is eliminated. Tarin said after getting loan, the government would work on its 9-point agenda that consists stabilization of micro-net, welfare of poor, uplift of agriculture, human resource development, energy generation, capital reforms and making the country self-dependence. He said it is high time we sought long-term solutions for national economy to avert the reoccurrence of such crises in future. Citing the bankruptcy of the Philippines, he said if any country becomes bankrupt, it takes years to regain the past position. Rebutting the criticism over increase of interest rate by 2 per cent by State Bank of Pakistan, Tarin said that the board of the Bank, using its discretionary powers, had increased it. He assured that details regarding the proposed IMF programme would be presented in the parliament and put on its website. The Advisor, however, didn't mention the exact rate of mark-up on the proposed loan, saying that the same would be lent on prime rate. He said that IMF had been approached by no developing countries during the past decade due to the harsh conditions it imposed on loans, therefore, he said, the Fund by now had changed its mind and was lending loans on soft conditions. He said we had no need to fear regarding the proposed bailout package of the Fund. Meanwhile, Prime Minister Yousuf Raza Gilani Thursday stated in Upper House that Qadirpur gas field would not be sold out without taking the parliament into confidence. While issuing a policy statement regarding the issue of privatization of the Field on last day of the Senate session, Gilani said, "The government is not selling Qadirpur gas field. It will definitely take this House into confidence whenever it decides the fate of the said gas field". He assured that Senate would be taken into confidence in all matters of national importance. He further said that a democratic government could not even think of taking steps harmful to the country's security and integrity, as, he said, elected representatives had to go back to their constituencies for the next elections. He also assured that privatization of Qadirpur gas field would be fully transparent. He praised Nawaz Sharif, who, he said, personally went to congratulate Zardari on his election as President, saying all politicians would have to establish democratic traditions. He informed the House that leaders of the G-20 member countries had assured him of taking developing countries into confidence while bailing them out. He said that government was focusing on development of agriculture sector and assured of procuring each and every grain of wheat and rice from the farmers at the support price. Gilani also announced Rs 2 billion for rehabilitation of affectees of quake-hit areas of Balochistan province, saying Rs 3,78,000 would be given for construction of a house. He further said that Rs 50,000 were being given to a family for making their arrangements during three months of the ongoing winter season. He, however, admitted that government was facing shortage of tents suitable for the degree of cold persisting in the quake-hit area. He said that shortage of electricity would be overcome soon, adding that new dams were being approved to cope with the shortage of water in the near future. Prime Minister said that improvement of law and order was a solution to the many problems faced by the country, which, he said, had resulted in flight of capital and had earned bad name for the country. He elaborated that the country was confronted with complex problems and said that he was ready to quit his office if someone else was confident to overcome the same in a short period of time. He said that former President Musharraf had no credibility and disclosed that administration of Adiala Jail had cast votes of all the five thousand prisoners to him, including his vote. He said that the first advice he had given to President Zardari was that of addressing joint session of the parliament. Upper House, on Thursday, concluded debate on the prevailing situation of the country's economy. During the debate, Senators from Balochistan highlighted the plight of their province and particularly deplored the deteriorated condition of roads in the province. Leader of the House in Senate, Mian Raza Rabbani, too, admitted that the province was always ignored and assured that government would put an end to the sense of deprivation in the country's largest province in terms of area. Senator Prof Khurshid pointed to the invitation being given to parliamentarians by Ambassador of USA to attend briefing of the NATO's commander. He said that the practice was against the laid down diplomatic norms and political dialogues. He said the Ambassador should have contacted the parliamentarians through Foreign Office. Senator Raza Rabbani said that Foreign Office was not taken on board and that he would take up the issue with respective embassy. He said diplomatic missions should contact parliamentarians via Foreign Office. Senator Semi Siddiqui alleged that Larkhana Sugar Mills had been given loan worth Rs 30 million without collateral. She said that IMF's conditions should be tabled before the joint session of the parliament and a consensus resolution should be sought on the matter.