Dubai: The International Monetary Fund (IMF) , Chief Jeffrey Franks said on Saturday that Pakistan’s economic indicators were improving and according to IMF Board approval Pakistan will receive a loan installment of $1.1 billion (Dh4 billion).
Franks met with Finance Minister Ishaq Dar, State Bank of Pakistan (SBP) Governor Ashraf Wathra in Dubai to discuss the fourth and fifth reviews of Pakistan’s SDR 4.393 billion ($6.6 billion) Extended Fund Facility (EFF).
The EFF was approved in September last year. The IMF mission held discussions with government and central bank officials on Pakistan’s economic performance under the EFF programme.
“The mission reached staff-level understanding with the authorities on a Memorandum of Economic and Financial Policies which, upon management’s approval, will be considered by the IMF Executive Board in December to conclude the fourth and fifth reviews. Upon Board approval, SDR 720 million (about $1.1 billion) will be made available to Pakistan,” said Franks.
Following discussions with Pakistani officials, Franks said economic indicators are improving, with growth expected to reach 4.3 per cent in fiscal year 2014-2015, inflation on a downward trajectory, and credit to the private sector expanding at a robust pace.
“We have been making all payments on time without any delay despite the protests and sit-ins,” said Dar.
