ISLAMABAD: Federal Finance Minister Ishaq Minister Ishaq Dar has said that after successful meeting on sixth review under three-year $6.6 billion Extended Fund Facility (EFF) programme, the International Monetary Fund (IMF) has agreed to release $518 million loan to Pakistan which are expected to be received in March this year.
Addressing a press-conference in Dubai, Dar said that the remained successful as the incumbent government has “achieved all major economic targets and benchmarks”. Dar was flanked by the outgoing chief of the IMF Mission to Pakistan Jeffrey Franks.
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Secretary Finance Dr Waqar Masood Khan, Governor State Bank of Pakistan (SBP) Ashraf Wathra and other finance ministry officials also attended the review meeting.
Ishaq Dar said that the economy is heading in right direction and country’s foreign exchange reserves have exceeded past $15 billion just because of the ‘positive policies’ of the government. He said because of the shortfall caused by consistent reduction in prices of petroleum products, the revenue collection decreased by Rs119 billion and fiscal deficit could reach at 150 percent with additional outlays of Rs5 billion.
Dar said the government of will spend Rs150 billion of $518 loan for the implementation of National Action Plan as well as the rehabilitation of Internally Displaced Persons (IDPs).
