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



Elaboratng, 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
 May 28 2016 - Pakistan predicts 10 percent hike in exports to UAEpakisMENAFN
(MENAFN) Pakistan is aiming at a 10 percent increase in exports to the UAE, which has touched USD3 billion in its last fiscal year 2014-15.The y-o-y joint trade capacity has climbed 11 percent to ...

 May 28 2016 - UAE crushes regional rivals as top business hubMENAFN
(MENAFN) Emirati growth in financial and business services, trade and logistics, and tourism activity, over the last couple of decades, has played an important role in fueling Dubai's emergence as a ...

 May 28 2016 - Egypt works hard to establish local car manufacturingMENAFN
(MENAFN) Egypt is qualified and well prepared for the establishment of a real automotive industry based on manufacturing, rather than assembly, as explained and stressed by the nation's Minister if ...

 May 28 2016 - Kuwait's index bounces 45.63 pts volume soarsArab Times
(MENAFN - Arab Times) Kuwait stocks swung higher on Wednesday, as sentiment brightened on rising oil prices and positive regional cues The bourse, after a tame start, jumped 45.63 points to 5368.25 ...

 May 28 2016 - KIPCO hosts 'Speed of Trust' seminar by CoveyArab Times
(MENAFN - Arab Times) The Kuwait Projects Company (KIPCO) hosted Stephen M.R. Covey on his first trip to Kuwait. Covey is a renowned keynote speaker and advisor on trust and leadership and the author ...

 May 28 2016 - Kuwait bourse indices post weekly gainArab Times
(MENAFN - Arab Times) The KSE Indices witnessed a positive week as the KSE price index closed with 5,396.67 an increase of 1.36% up 72.62 points compared to the previous week. As the MUDX remained ...

 May 28 2016 - Muslim mob attacks Christian homes in CairoArab Times
(MENAFN - Arab Times) An Egyptian appeals court has overturned five-year prison sentences for 47 people for participating in unauthorised protests, but upheld fines of more than $11,000 each, ...

 May 28 2016 - Dubai police patrol in luxuryArab Times
(MENAFN - Arab Times) Image is everything in Dubai € even when fighting crime. Police in this desert metropolis have built up a high-horsepower arsenal of luxury sports cars and SUVs over the years ...

 May 28 2016 - Coalition pounds DAESH in RaqaArab Times
(MENAFN - Arab Times) Warplanes from the US-led coalition have pounded the Islamic State group with at least 150 strikes to bolster a major offensive on the jihadists' Syrian stronghold of Raqa, a ...

 May 27 2016 - Qatar- Five key clashes in the Champions League finalThe Peninsula
(MENAFN - The Peninsula) The 2016 UEFA Champions League Final logo at the Piazza Duomo in Milan, Italy, on 26 May 2016. EPA/DANIEL DAL ZENNARO Madrid:Real Madrid face local rivals Atletico Madrid ...

more...


 





Google

 
 

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