ISLAMABAD: Pakistan Finance Ministry and the International Monetary Fund (IMF) Mission concluded a three-day round of talks for $550 million tranche successfully in Dubai on Thursday.
Pakistan Finance Minister Mohammad Ishaq Dar said in a briefing “Talks between Pakistan and the IMF team remained successful as the country’s all major economic targets and structural benchmarks are accomplished,” He said either the targets were achieved or achieved marginally with no lapse or waiver. “It is a welcoming and good omen for national economy.”
However, he said the revenue collection target has been revised downward due to shortfall caused by decrease in the prices of petroleum products in international market and set at Rs 2,691 billion.
He said the government managed to curtail the fiscal deficit as it not only achieved the set target but it also tried to further minimize the fiscal gap. Dar said the government was ensuring to pass on the benefit of decreased fuel rates to the common man. Prime Minister Muhammad Nawaz Sharif had directed the provinces to ensure decrease in public transport fares and prices of daily use items, he added.
He said economic structural reforms continued in line with the manifesto of Pakistan Muslim League-Nawaz. Pakistan was now out of default threat which loomed large in June 2013 because of macroeconomic instability.
The minister said the foreign exchange reserves had exceeded US$ 15 billion mark in December 31, 2014, which means that the country has re-qualified 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.
