IMF concludes review on financial support to Pakistan in Dubai

Pakistan and the International Monetary Fund (IMF) on Thursday concluded seven days of talks on the sixth review under the three-year Extended Fund Facility (EFF) program for an amount of 6.64 billion U.S. dollars.

The IMF mission chief, Jeffrey Franks, said the completion of the talks will enable the IMF to go to their board for the release of the seventh tranche of about 518 million dollars to support the economic reform policy of the Pakistani government under Prime Minister Nawaz Sharif.

Pakistan's Finance Minister Ishaq DarMinister Dar said that the completion of the sixth review is indicative of the government's commitment in implementing structural reforms in taxation, energy, monetary and financial sectors and public sector enterprises.

He admitted that low oil prices have supported these efforts and helped to contain the current account deficit.

"Economic activities continue to improve. We are expecting better growth from agriculture sector, particularly from wheat and cotton crops despite the floods this year", the minister said.

IMF's Franks said there was an overall improvement in Pakistan's economy, but emphasized that the efforts should be stepped up towards building up its foreign exchange reserves.

Pakistani and IMF officials regularly meet in Dubai, as IMF staff are not allowed to travel to Pakistan and Afghanistan due to security concerns. Endit