Govt able to meet all benchmarks despite challeges: Dar tells IMF

Nov 30, -0001

ISLAMABAD: Finance Minister Mohammad Ishaq Dar Monday informed the International Monetary Fund (IMF) Mission that despite challenging circumstances, the government was able to meet all the structural benchmarks, performance criteria and indicative targets for the Sixth Quarterly  Review under the Extended Fund Facility (EFF).

The Finance Minister held a meeting with the IMF Mission led by by Jeffrey Franks and included representatives of IMF, World and Asian Development Bank, in Dubai, said a message received here.

Dar said Pakistan's growth target for the current fiscal year was 5.1% and the improvement in the current economic indicators was quite encouraging.

The headline inflation in January, 2015 had been recorded at 3.9%, which was the lowest in the last 12 years while the average inflation for first seven months of the year was recorded at 5.77% as compared to 8.75% for the corresponding period of the last year, he added.  

The minister mentioned the government's efforts for building foreign exchange reserves and containing borrowing from the State Bank of Pakistan.

Jeffrey Franks appreciated the performance of the government in meeting various targets. The government should take full advantage of the space provided by lowering of oil prices and concentrate on building reserves, he added.

The IMF Mission is expected to conclude on February 5.  - APP



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