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IMF begins to probe Pakistan’s economic performance

Pakistan and IMF delegation to hold meeting today
ISLAMABAD: The delegation of the International Monetary Fund (IMF) has begun reviewing meetings for probing the economic performance of Pakistan.
The delegation discussed the matter during its meeting with the finance adviser Abdul Hafeez Shaikh today.

Also read: IMF arrives in Pakistan to revive economic progress

The IMF delegation continued discussions with the economic team on the second day to review the performance of the financial institutions during the first quarter.
During the meeting, the delegation was briefed about the budget deficit that stood at Rs476 billion during the first quarter, whereas, it was reduced following retrieval of non-tax income more than its target.

Also read: IMF, World Bank assure continued to support to Pakistan’s economy

The recent visit of the IMF officials was made for the payment of the next tranche from the international financial body likely to be dispatched in 2020.
The IMF delegation led by Mission Chief to Pakistan Ernesto Ramirez-Rigo will stay in the country for two weeks.

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The successful fulfillment of the first review would enable Islamabad to draw about $453 million from the Fund in first part of December this year, taking the total amount to almost $1.44 billion.

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In July, the IMF had released $1 billion to Pakistan after its cabinet approved a $6 billion bailout package. It is a three-year loan programme.
The fund will evaluate Pakistan’s performance quarterly over 39 months, phasing release of the additional funding over time.

Also read: IMF encouraged progress of Pakistan’s economy: Azhar

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