ISLAMABAD: Minister for Finance Senator Muhammad Ishaq Dar said Friday said that Pakistan and International Monetary Fund (IMF) have successfully concluded the first review for release of second tranche of US $ 547 million to Pakistan under three years Extended Fund Facility (EFF) out of a total amount of $ 6.6 billion.
“This will enable IMF to go to their board for the release of second Tranche of US $ 547 million in December for approval”, he said while addressing a press conference at Ministry of Finance this evening.
Head of IMF Mission Jaffrey Frank, Advisor Finance Ministry Rana Asad Amin, Secretary Finance Dr. Waqar Masood Khan and Governor State Bank of Pakistan Yasin Anwar were also present on the occasion.
The Minister said that the visiting IMF review mission has appreciated the economic policies of the government’s first quarter and its performance which has fulfilled the commitments made with the Fund.
“I am pleased to announce that Pakistan and IMF have successfully concluded the first review under the 3-year EFF programme for an amount of $6.6 billion. This will enable IMF to go to their Board for the release of second tranche of about $547 million”, he said.
He said this is indicative of government’s seriousness in implementing the home-grown macro economic stability programme.
Senator Dar said that higher growth has been registered compared to initial estimate under the programme and the manufacturing growth, spurred by better energy supplies, was behind this development.
He said that government has paid Rs. 480 billion circular debt and remaining Rs.80 billion has also been cleared.
He said due to this initiative, 1700 MW of electricity have been added in the system.
The Minister said that government has not increased the tariff of the lowest income group specially the poor segment of the society and paid Rs. 250 billion as subsidy for the relief of this income group.