ISLAMABAD: The Finance Ministry has expressed the hope that the country would successfully conduct 10th review of extended funds facility (EFF) of the International Monetary Fund (IMF).
However, it is unclear whether the government will cut Public Sector Development Program by the same amount or the budget deficit ceiling of 4.9 percent of the GDP will be relaxed.
Finance Minister Ishaq Dar will join to lead Pakistani team in the ongoing talks with IMF in Dubai a few days later. In this regard, the source quoted recently reports published by World Bank on state of Pakistan’s economy as well as satisfaction expressed by the representatives of both the World Bank and IMF in meetings with Finance Minister Ishaq Dar.
“Furthermore, enhanced volume of foreign exchange reserves, confidence reposed by international investment organizations in economic positive economic indicators as well as keen interests shown by Chinese and other countries’ investors in recent investment conferences may be possible supportive tools for Pakistani team lead by Finance Minister Ishaq Dar in the talks with IMF in Dubai” the source added.
“With the successful conduct of this review, Pakistan will be in a position to ensure the international financial institutions about the improvement in economic profile which will definitely pave way for flux of international investment in the country” a well placed source at Finance Ministry told Customs Today on Wednesday.
The Finance Ministry is of the view that Pakistan successfully conducted record nine reviews with the IMF though in the past governments could not go beyond two reviews and it became possible just because of the hectic reforms process that the government had religiously implemented, yielding positive results.
Thus the 10th review with full confidence as Pakistan had fulfilled all its obligations and now boasted of a stable economy. Pakistan’s economy was held in esteem by international rating agencies, and in fact Moody’s had already enhanced Pakistan’s economic outlook from stable to positive as well as Pakistan’s continued struggle for elimination of terrorism and said peace and security would ultimately benefit the economy.
In February last year, IMF conceded to Pakistan’s demand for downward revision of tax collection target by Rs119 billion after the government failed to introduce much-needed reforms, as both the sides announced an agreement for the next loan tranche of $518 million under the Extended Fund Facility (EFF) programme without any special waivers.
An Extended Fund Facility with IMF provides assistance in support of comprehensive programs that include policies of the scope and character required to correct structural imbalances over an extended period. It has a comparatively longer repayment period of 4½–10 years, with repayments in twelve equal semi-annual installments.
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