Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Pakistan likely to secure $545 million IMF tranche  Join our daily free Newsletter

MENAFN - Khaleej Times - 05/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) According to sources in Pakistan's Ministry of Finance, talks with IMF on second review of the EFF plan began on a positive note in Dubai and will likely continue until Sunday. The IMF made an initial payment of 540 million soon after signing the deal in September. In December, Pakistan received 554 million as a second tranche of the loan



Federal Minister for Finance, Economic Affairs, Revenue and Statistics Senator Mohammed Ishaq Dar is leading the Pakistan delegation, which includes senior officials of the Ministry of Finance and State Bank of Pakistan (SBP)



The finance minister briefed the IMF team led by its mission chief Jeffery Franks that the present government is following an economic reform agenda and nearly all the economic indicators were on track



Pakistan's economy grew 3.6 per cent in financial year 2012-13. SBP, country's central bank, projects GDP growth in the range of three to four per cent for 2013-14, which is higher than the IMF's growth forecast of 2.5 to three per cent



"The gross domestic growth in the first quarter of the current financial year 2013-14 rose to five per cent from 2.9 per cent in the same quarter in the last fiscal year," Dar said in a statement to Khaleej Times



Elaborating, the finance minister said large-scale manufacturing recorded 5.2 per cent growth during July-November period compared to 2.2 per cent in the comparable period last year. He said the arrival of important crops such as cotton had posted a growth of 7.5 per cent over last year while other crops were also likely to provide comfort to growth targets



Dilating on the external front, Dar said that exports were showing positive result at 3.2 per cent while imports increased by 3.9 per cent over last year



"Value-added exports are taking place which will further increase due to accessing the GSP-plus status," he added



The finance minister said the country's balance of payment position will improve further in the coming months as remittances rose 9.5 per cent while foreign investment inflows are likely to help build up foreign exchange reserves



Franks appreciated the efforts of the government and opined that macro-economic situation of Pakistan is favourable. "The IMF views that the government of Pakistan is fully committed to the reform agenda," he added



Franks appreciated the efforts of revenue collection by the Federal Board of Revenue and said Pakistan's indicators suggest that the economy is on track and its outlook is positive.

 


Khaleej Times




  MENA News Headlines
 Feb 1 2015 - US drone strike kills four terror suspects in YemenKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Four persons suspected of association with Al-Qaeda group were killed in a US drone attack in Al-Saeed area in the northern Sa'dah governorate on Saturday.The ...

 Feb 1 2015 - Algeria has world's 4th largest shale gas reserveKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Surveys, conducted recently by Sonatrach Group in collaboration with energy companies working in Algeria, show that the country ranks fourth in terms of shale gas ...

 Feb 1 2015 - Egyptian, Asian sheltering absconding domestics arrestedArab Times
(MENAFN - Arab Times) KUWAIT CITY, Jan 31: The Capital Security Directorate, in compliance with the instructions of Assistant Undersecretary for Public Security Affairs Major General Abdul Fattah ...

 Feb 1 2015 - Egypt's confrontation against terrorism "tough, fierce" - SisiKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Egyptian President Abdelfatah Al-Sisi said Saturday confrontation against terrorist groups would be "tough and fierce, and will take a very long time." Al-Sisi ...

 Feb 1 2015 - Egypt prepares for successful economic conf. - PMKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Egyptian Prime Minister Ibrahim Mahlab said Saturday his government is providing all the requirements of success for the economic development conference "Egypt - ...

 Feb 1 2015 - Mixed reaction on fines for hanging laundry in balconyArab Times
(MENAFN - Arab Times) KUWAIT CITY, Jan 28 : In this week's Arab times online poll, readers shared their views on the issue of new fines for those hanging laundry in their apartment balconies. A ...

 Feb 1 2015 - Kuwait cuts 'fuel prices'Arab Times
(MENAFN - Arab Times) DUBAI, Jan 28, (RTRS): Kuwait has cut selling prices of diesel and kerosene at filling stations after political opposition to price hikes underlined the difficulty of reforming ...

 Feb 1 2015 - 'Don't panic amid crackdown plans'Arab Times
(MENAFN - Arab Times) KUWAIT CITY, Jan 28: "Don't panic. Remain calm and please refrain from spreading unnecessary posts on Facebook that scare people," urged Philippine Charge d' Affaires Atty Raul ...

 Feb 1 2015 - NZ coast to 7-wicket victory over PakistanArab Times
(MENAFN - Arab Times) WELLINGTON, Jan 31, (AFP): New Zealand cruised to a seven-wicket win over an underdone Pakistan in the first of their two one-day internationals in Wellington on Saturday. After ...

 Feb 1 2015 - Sturridge strikes on Reds returnArab Times
(MENAFN - Arab Times) LIVERPOOL, Jan 31, (AFP): Liverpool substitute Daniel Sturridge capped his comeback from injury with a goal as the Reds beat West Ham United 2-0 at Anfield on Saturday following ...

more...


 






Google

Electronic & Mobile Payment

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help