Pakistan succeeds to get $550m IMF tranche

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ISLAMABAD-

Pakistan and the International Monetary Fund (IMF) Mission Thursday concluded a three-day round of talks for $550 million tranche successfully in Dubai, Finance Minister Mohammad Ishaq Dar said.

“Talks between Pakistan and the IMF team remained successful as the country’s all major economic targets and structural benchmarks are accomplished,” he said in a televised media briefing from Dubai.

He said either the targets were achieved or achieved marginally with no lapse or waiver. “It is a welcoming and good omen for national economy.”

However, he said the revenue collection target had been revised downward due to shortfall caused by decrease in the prices of petroleum products in international market and set at Rs 2,691 billion.

He said the government managed to curtail the fiscal deficit as it not only achieved the set target but it also tried to further minimize the fiscal gap.

Dar said the government was ensuring to pass on the benefit of decreased fuel rates to the common man. Prime Minister Muhammad Nawaz Sharif had directed the provinces to ensure decrease in public transport fares and prices of daily use items, he added.

He said economic structural reforms continued in line with the manifestato of Pakistan Muslim League-Nawaz.  Pakistan was now out of default threat which loomed large in June 2013 because of macroeconomic instability.

The minister said the foreign exchange reserves had exceeded US$ 15 billion mark in December 31, 2014, which meant that the country had requalified for the facilities offered by the International Bank for Reconstruction and Development (IBRD).

He said the IMF team appreciated the economic performance and policies initiated by the government for macroeconomic stability in the country.

Secretary Finance Dr Waqar Masood Khan, Governor State Bank of Pakistan Ashraf Mehmood Wathra and other officials of the ministry actively participated in the review meeting.

3 COMMENTS

  1. “Talks between Pakistan and the IMF team remained successful as the country’s all major economic targets and structural benchmarks are accomplished,” he said in a televised media briefing from Dubai.
    Those targets do not relate to the people but do fatten his and Nawaz purses. Targets achieved include more taxes from poor and destruction of public funds on failed projects at Nandipur and Gadani. for starters. This Munshi is so darnn corrupt that he is cheating this nation like …… I do not wish to use the word.

  2. The foreign exchange reserves had exceeded US$ 15 billion mark in December 31, 2014, which meant that the country had requalified for the facilities offered by the International Bank for Reconstruction and Development (IBRD). That was the reason that he did not pay for fuel and we went oil-less for ten days. These people are playing with us.

  3. Looking at the caption of this article it seems that the Govt. has achieved a great success. My question is that should we develop our own internal capacities enough to support our own development or rely on loans and grants and sell part of our interdependency?

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