IMF praises Pakistan’s efforts to fulfill the goals set by the institution

IMF approves another installment of US$450 million that will be awarded earlier next month.

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  • IMF appreciates the performance of all authorities on first-quarter targets.
  • Moreover, in a press release, IMF’s leader praised Pakistan’s efforts to complete goals set by an international Monetary Funds.

IMF

On Friday, an International Monetary Fund (IMF) mission, led by Ernesto Ramirez-Rigo concluded visit to Pakistan. IMF appreciates the performance of all authorities on first-quarter targets.

Moreover, the IMF approves another installment of US$450 million that will be awarded earlier next month. According to IMF, first quarter of this fiscal year was met with “comfortable margins and that progress continues towards meeting all structural benchmarks”.

Furthermore, “work continues towards completing the remaining structural benchmarks for end-September,” Rigo announced after concluding his 10-day visit.

In a press release issued by IMF, it stated that the reforms, which were introduced by the current government, has started to bear fruits.

Sustainable growth

“Sustaining sound policies and advancing structural reforms remain key priorities to enhance resilience and pave the way for stronger and sustainable growth,” it read.

In his statement, Ramirez said, “The Pakistani authorities and IMF staff have reached a staff-level agreement on policies and reforms needed to complete the first review under the EFF. The agreement is subject to approval by the management and the Executive Board of Directors. Completion of the review will enable disbursement of SDR 328 million (or around US$ 450 million) and will help unlock significant funding from bilateral and multilateral partners.”

Significant progress is being made in improving the anti-money laundering measures; still, a lot of improvement is needed in this regard before March 2020.

During their visit, IMF delegation met Advisor to Prime Minister Imran Khan on Finance, government’s financial team, provisional government’s representatives and other stakeholders.

Goals

Moreover, in a press release, Rigo praised Pakistan’s efforts to complete goals set by an international Monetary Funds.

IMF is expected to visit Pakistan in early 2020 for the next economic survey.


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