Saturday , February 22 2020

IMF praises Pakistan for achieving targets

IMF

The International Monetary Fund (IMF) says Pakistan has made “significant progress” in the program, but staff-level talks ended without agreement and the IMF team returned home.

According to a local media report, Dr Abdul Hafeez Shaikh, Advisor to the Prime Minister, spoke to the media and said that the talks with the IMF were going on and we would soon have a staff-level agreement.

Another source denied that the issues were being solved and said that there were some issues related to revenue targets that would be resolved for a few days.

He also said that because of the holidays due to President’s Day in Washington, the IMF team had to go back, so ‘we agreed to complete the negotiation process.’

Related: IMF calls to impose an additional tax of Rs 200 billion on Pakistanis

The IMF, on the other hand, issued a declaration of talks between February 3 and 13 that indicated that Pakistan had achieved all economic targets and structural benchmarks by December.

The statement said that Pakistan has taken steps for reforms in recent months and increased development and social spending.

The report said that economic activity has also stabilized, the current exchange rate has reduced the current account deficit while foreign exchange reserves have exceeded also.

The IMF mission chief said that a decrease in inflation is expected in the country in the coming days.

After the IMF mission praised the measures, Pakistan has paved the way for the third instalment of $ 45 million in March.

It is to be remembered that under this $ 6 billion loan program, Pakistan has received $ 1.40 billion in two instalments so far.

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