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ISLAMABAD: Finance Minister Shaukat Tarin Thursday said the approval of 6th tranche by the International Monetary Fund (IMF) is encouraging and it will bring stability to the country’s economy.
In a video statement, he said the approval of the sixth tranche of loan by IMF for Pakistan indicates that the international lender agrees to Pakistan’s economic strategy.
He expressed the hope that the country’s economy would grow at a rate of 4.5-5pc in the current fiscal year, despite commodity price shocks in the international market, and that the growth rate would increase to six per cent in the next fiscal year.
Tarin said he thought that the growth was overshooting at the start of the current fiscal year as exports were high, remittances had increased, tax collection had gone up by 32pc to 35pc, the utilisation of electricity had gone up by 13pc and corporate profits were at a historic high.
Read more: IMF approves $1bn loan tranche for Pakistan
IMF approves 6th review for Pakistan
On Wednesday, the Executive Board of the International Monetary Fund (IMF) approved $1billion loan for Pakistan under the Extended Fund Facility (EFF).
This was confirmed by Federal Minister for Finance and Revenue Shaukat Tarin in a post shared on his official Twitter handle.
A session of the International Monetary Fund (IMF) Executive Board for the 6th review of Pakistan’s economy was held in Washington.
It is pertinent to mention here that the next review (seventh) under the $6 billion EFF programme will be due in April 2022.