Daily Times

ISLAMABAD: Successful completion of negotiations on the Tenth Review under three-year Extended Fund Facility (EFF) programme for an amount of $6.4 billion to Pakistan by IMF will help secure release of the next tranche amounting to $500 million to the country.

Completion of the Tenth Review lends credence to the government’s commitment in implementing structural reforms in areas of taxation, energy, monetary/financial sectors and public sector enterprises, Finance Minister Ishaq Dar said at a joint press conference with IMF Mission Chief Harald Finger. “Our performance on the tenth review has been highly satisfactory,” said the finance minister while sharing salient features of the Pakistan-IMF parleys with the media persons. Ishaq Dar said, “Our performance on the tenth review has been highly satisfactory.”

The minister said, “We have met all of the end-December 2015 Quantitative Performance Criteria – SBP’s Net Domestic Assets, Net International Reserves, Foreign currency swap/forward position by significant margins. Similarly, the Quantitative Performance Criteria on government borrowing from the SBP and budget deficit for end-December 2015 have been over performed underlining government’s commitment to sustained fiscal consolidation”. Dar said the indicative target for end-September 2015 on targeted cash transfer through BISP; and on accumulation of power sector arrears were also met.