ISLAMABAD: Besides the budget making process, the Finance Ministry has also finalised the briefs of proposals for upcoming negotiations with prestigious international financial institutions.
Two mega events of international importance are going to be held in the first week of next month. International Monetary Fund would start 7th Review of programme for Pakistan in the first week of May in Dubai. Moreover, Asian Development Bank Annual meeting will be held in Baku from May 2-6.
However, Finance Ministry has compiled all the required data, statistics along with comparative analysis on economic progress made by the Pakistan in the current fiscal year.
On these grounds, the Finance Ministry is neck bound busy due to upcoming hectic engagements because concerned officials of departments are giving briefings to the Finance Minister and his team about the upcoming events and negotiations.
Finance ministry has achieved most of the targets regarding major economic indicators set by the IMF therefore hopeful for successful conduct of 7th Review of program.
Whereas the IMF is an organisation of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
Discussions with IMF are going to be held in Dubai from May 1st to 10 where progress made by Pakistan under the Extended Arrangement and Modification of Performance Criteria will be reviewed.
Pakistan entered IMF Extended Fund Facility (EFF) program on September 4, 2013. The program is a 36-month extended arrangement under the Extended Fund Facility (EFF) for $ 6.64 billion. First tranche of $ 544.5 million was given to Pakistan on two days after signature of the agreement.
An EFF 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.
Finance Miniser Ishaq Dar will discuss progress on the work of the World Bank Group and the IMF meetings of the joint Development Committee and the IMF’s International Monetary and Financial Committee with concerned authorities. After the discussion, the new head of the IMF for South Asia would visit Pakistan after completion of the review.
Moreover, Pakistan will try to get concessional loans by making an effective and active participation in the Annual Meeting of the Asian Development Bank being held in Azerbaijan from May 2 to 6.
