IMF to disburse $453m to Pakistan after board meeting on Dec 19
The International Monetary Fund (IMF) has set its next board meeting on December 19, 2019 in which it will take final decision to release the second tranche of around $453 million to Pakistan under $6 billion Extended Fund Facility (EFF) signed in May this year.
IMF had held meetings with Federal Bureau of Revenue (FBR) Chairman Shabbar Zaidi and Advisor to the Prime Minister on Finance Abdul Hafeez Sheikh.
The IMF mission had given a positive review about Pakistan’s economic performance after having meeting with Pakistani officials for disbursement of second tranche from October 28 to November 8.
Under the fund programme, the IMF mission had reviewed Pakistan’s performance against six performance criteria related to Net International Reserves (NIR), Net Domestic Assets (NDA), net foreign currency swap position, primary budget deficit target, net government borrowing from the central bank and stock of sovereign guarantees issued by the government.
There were two continuous performance criteria including zero new credit to the government by the SBP and on accumulation of external public payment arrears. On top of that, the authorities’ performance was also reviewed on five indicative targets including disbursements under BISP, government spending on health and education, tax collections, payment of tax refunds and a freeze on power sector’s circular debt.
The IMF had disbursed in July this year about $991 million on completion of all prior actions committed by Pakistan before signing the fund programme.
According to the signed agreement in July this year, Pakistan will get $2 billion annually, under the EFF, for the period of three years. The amount is supposed to help Pakistan stabilise its crippling state of economy and recover from fiscal debt and inflation.
On Oct. 21, the IMF and the World Bank Group had expressed support for Pakistan’s economy, while the global funds had also appreciated the economic reforms of the country.
The assurances were given by the managing directors of the IMF and the Work Bank during separate meetings with Sheikh in Washington, Radio Pakistan had reported.
Meanwhile, Pakistan’s foreign exchange reserves have risen to nine-month high of $17.29 billion as the State Bank of Pakistan (SBP) received $1.3 billion from the Asian Development Bank (ADB). The central bank’s reserves have expanded to $10.41 billion, whereas the reserves of commercial banks are $6.88 billion.
The International Monetary Fund (IMF) has set its next board meeting on December 19, 2019 in which it will take final decision to release the second tranche of around $453 million to Pakistan under $6 billion Extended Fund Facility (EFF) signed in May this year.
IMF had held meetings with Federal Bureau of Revenue (FBR) Chairman Shabbar Zaidi and Advisor to the Prime Minister on Finance Abdul Hafeez Sheikh.
The IMF mission had given a positive review about Pakistan’s economic performance after having meeting with Pakistani officials for disbursement of second tranche from October 28 to November 8.
Under the fund programme, the IMF mission had reviewed Pakistan’s performance against six performance criteria related to Net International Reserves (NIR), Net Domestic Assets (NDA), net foreign currency swap position, primary budget deficit target, net government borrowing from the central bank and stock of sovereign guarantees issued by the government.
There were two continuous performance criteria including zero new credit to the government by the SBP and on accumulation of external public payment arrears. On top of that, the authorities’ performance was also reviewed on five indicative targets including disbursements under BISP, government spending on health and education, tax collections, payment of tax refunds and a freeze on power sector’s circular debt.
The IMF had disbursed in July this year about $991 million on completion of all prior actions committed by Pakistan before signing the fund programme.
According to the signed agreement in July this year, Pakistan will get $2 billion annually, under the EFF, for the period of three years. The amount is supposed to help Pakistan stabilise its crippling state of economy and recover from fiscal debt and inflation.
On Oct. 21, the IMF and the World Bank Group had expressed support for Pakistan’s economy, while the global funds had also appreciated the economic reforms of the country.
The assurances were given by the managing directors of the IMF and the Work Bank during separate meetings with Sheikh in Washington, Radio Pakistan had reported.
Meanwhile, Pakistan’s foreign exchange reserves have risen to nine-month high of $17.29 billion as the State Bank of Pakistan (SBP) received $1.3 billion from the Asian Development Bank (ADB). The central bank’s reserves have expanded to $10.41 billion, whereas the reserves of commercial banks are $6.88 billion.
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