Home Economics & Business Pakistan to get US $ 840 from IMF in March

Pakistan to get US $ 840 from IMF in March

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ISLAMABAD: Pakistan is likely to get second tranche of US $840 million from the International Monetary Fund (IMF) by the end of this month, official sources said. The International Monetary Fund, under Standby Arrangements, had approved US $ 7.6 billion to Pakistan out of which the first tranche of US $ 3.1 billion was received in November, 2008.

Following the successful quarterly review meetings held in Dubai recently, Pakistan would get US $ 840 million by end of March, sources said adding that the review meeting had appreciated Pakistan’s home grown economic stabilization policies.

“The IMF has expressed its satisfaction over the progress of Pakistan’s economic performance in first quarter of the year and also agreed the projected economic targets in the next six months of the current financial year and consented that the progress of Pakistan’s IMF programme is on track”, the sources added.

Pakistan also aims to lobby for enhancing IMF loans for the country, the sources said. During the IMF Executive Board meeting scheduled to be held in April, Pakistan would also negotiate and lobby for enhancing five to eight times the IMF funding quota for the country, the sources added.

It may be recalled that IMF staff mission, led by Adnan Mazarei had visited Islamabad and Dubai to conduct the 2009 Article IV consultation and the first review under Pakistan’s Stand-By Arrangement (SBA).

The SDR 5.169 billion (about US$7.6 billion) SBA was approved by the Executive Board of the IMF on November 24, 2008 and a first disbursement of SDR 2.067 billion (about US$3.1 billion) was made on November 26, 2008.

The IMF mission held extensive discussions with government and central bank officials, focussing on Pakistan’s recent economic performance, the main challenges lying ahead, and the policies needed to build and consolidate macroeconomic stability in light of the uncertain and deteriorating global economic environment.

The mission was impressed by the authorities’ strong resolve to sustain prudent macroeconomic policies, strengthen and broaden the social safety net, and pursue reforms to enhance Pakistan’s medium-term growth prospects.

“The authorities’ program remains on track. Initial developments since the approval of Pakistan’s IMF-supported program have been generally positive, and all the program’s quantitative performance criteria for end-December 2008 were observed.-APP

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