International Monetary Fund praises Pakistan's economic performance, approves loan tranche of $450 million for Islamabad

The IMF on Friday praised Pakistan's economic performance and agreed on next steps, paving the way for the release of another portion of a $6 billion, three-year loan package.

Asian News International November 09, 2019 09:16:51 IST
International Monetary Fund praises Pakistan's economic performance, approves loan tranche of $450 million for Islamabad
  • The IMF on Friday praised Pakistan's economic performance and agreed on next steps, paving the way for the release of another portion of a $6 billion, three-year loan package.

  • Once the International Monetary Fund board gives the go-ahead, the Washington-based lender will provide $450 million to help right the South Asian nation's economy, on top of the $1 billion released in July.

  • Under the loan program, the government agreed to slash civil expenditure and freeze military spending while promising to substantially raise revenues to stem a yawning fiscal deficit

Washington, United States: The IMF on Friday praised Pakistan's economic performance and agreed on next steps, paving the way for the release of another portion of a $6 billion, three-year loan package.

International Monetary Fund praises Pakistans economic performance approves loan tranche of 450 million for Islamabad

Representational image. Reuters

Once the International Monetary Fund board gives the go-ahead, the Washington-based lender will provide $450 million to help right the South Asian nation's economy, on top of the $1 billion released in July.

"Despite a difficult environment, program implementation has been good, and all performance criteria for end-September were met with comfortable margins," IMF mission chief Ernesto Ramirez Rigo said in a statement.

The official, who led a team that spent two weeks in the country, pointed to signs of improving economic stability, including the move to a flexible exchange rate, and slowing inflation that is projected to fall under 12 percent next year.

But he said more work was needed to target money laundering and on terror finance controls.

Approval of the first performance review of Pakistan's policy program will also help unlock "significant funding from bilateral and multilateral partners."

Under the loan program, the government agreed to slash civil expenditure and freeze military spending while promising to substantially raise revenues to stem a yawning fiscal deficit, and pledging to collect 5.5 trillion rupees ($36 billion) in taxes.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

'Why not': Former Pakistan skipper Shahid Afridi hints at trying his hand at cricket administration in future
First Cricket News

'Why not': Former Pakistan skipper Shahid Afridi hints at trying his hand at cricket administration in future

Afridi said he would like to take Pakistan cricket to the top and is ready to don the administrator's hat for that to happen, but not immediately.

Behind Pakistani dossier's low farce on 'Indian terror' hides a lethal script
India

Behind Pakistani dossier's low farce on 'Indian terror' hides a lethal script

For decades, Islamabad has worked to this toxic strategic script, pushing unending war with India as a means to guarantee the Pakistan Army’s institutional primacy in the country

New Zealand vs Pakistan: Six players from visitors' squad test positive for COVID-19, hosts allege breach of protocol
First Cricket News

New Zealand vs Pakistan: Six players from visitors' squad test positive for COVID-19, hosts allege breach of protocol

The squad's "exemption to train while in managed isolation has been put on hold until investigations have been completed", the governing body said, adding that the six positive players would be moved into strict quarantine.