Pak-IMF negotiations for US$ 5.5 mln tranche completed successfully: Dar

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ISLAMABAD, Nov 5 (APP): Minister for Finance, Muhammad Ishaq
Dar here on Thursday said that negotiations between Pakistan and
International Monetary Fund (IMF) for the 9th review tranche of
US$5.5 million loan under Extended Facility Fund (EFF) have
completed successfully.
Addressing a press conference along with International
Monetary Fund (IMF) Herald Finger, he said that under EFF, Pakistan
would get US$ 5.5 million by the next moth after approval it gets
approved by the IMF board in its December meeting.
He said that the country had made a significant progress in energy
sector and all economic targets had been achieved by the
government.
Ishaq Dar said the government had made efforts to achieve
economic stability during first two years besides regaining the
confidence of international financial institutions.
The Finance Minister said that for the first time, Pakistan
has entered in the 9th review.
He said that country’s foreign reserve crossed $20 billion in
September, in which $15.2 billion was owned by State Bank of
Pakistan (SBP) and $ 4.82 billion by commercial banks.
He said that DPC meeting of Asian Development Bank on energy
issue would be held on November 12 to review the total $900 million
for various energy projects.
He said that national economy recorded 22 percent growth in
review figures in October 2014 compared to October 2015.
Ishaq Dar said that government had curtailed the fiscal
deficit which stood at 4.3 percent and government had initiated work
on new audit policy to bring transparency in fiscal management.
He said that government has achieved all of its targets of
national economic building and achieved GDP growth of 4.5 percent
adding that it was also striving to achieve 5.5 percent GDP within
current fiscal.
He said that last government had borrowed US$ 7 billion from
the financial institutions and current government had returned the
debt of US$ 4.7 billion.
Replying to a question, he said that privatization of loss
making state-owned enterprises was in country’s own interest by
seeking their strategic partners for turning them into efficient
institutions.