WASHINGTON: The IMF on Friday praised Pakistan s economic performance andagreed on next steps, paving the way for release of another portion of a $6billion, three-year loan package.
Once the International Monetary Fund board gives the go ahead, theWashington-based lender will provide $450 million to help right the SouthAsian nation s economy, on top of the $1 billion released in July.
“Despite a difficult environment, program implementation has been good, andall performance criteria for end-September were met with comfortablemargins,” IMF mission chief Ernesto Ramirez Rigo said in a statement.
The official, who led a team that spent two weeks in the country, pointedto signs of improving economic stability, including the move to a flexibleexchange rate, and slowing inflation that is projected to fall under 12percent next year.
But he said more work was needed to target money laundering and on terrorfinance controls.
Read Top Stories
Approval of the first performance review of Pakistan s policy program willalso help unlock “significant funding from bilateral and multilateralpartners.”
Under the loan program, the government agreed to slash civil expenditureand freeze military spending while promising to substantially raiserevenues to stem a yawning fiscal deficit, and pledging to collect 5.5trillion rupees ($36 billion) in taxes. – APP / AFP
