Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Pakistan economy on track says International Monetary Fund  Join our daily free Newsletter

MENAFN - Khaleej Times - 11/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Pakistan received a 6.

the international monetary fund said on saturday that pakistan’s economic reform programme remained broadly on track but warned over rising inflation.

pakistan received a 6.7 billion imf bailout package last year to help the country achieve economic reforms particularly in its troubled energy sector.

“the imf is encouraged by the overall progress made in pushing ahead with policies to strengthen macroeconomic stability and reviving investment and growth” jeffrey franks the fund’s mission chief for pakistan said in a statement in islamabad.

the imf’s pakistan staff mission visited dubai from may 1 to 9 to conduct discussions on the third review of the bailout package which was approved by the fund’s executive board last september.

the mission met senior officials from the finance ministry and the state bank of pakistan weeks ahead of a scheduled 550 million fourth loan tranche that pakistan is set to receive.

“economic indicators are generally improving with growth gaining momentum external finance improving and credit to the private sector rising” franks said but added that core and headline inflation were also rising.

the inflation rate currently stands at 9.2 per cent but the imf wants pakistan to “target an additional reduction in inflation towards their medium-term goal of six to seven per cent in the next fiscal year” which starts on july 1.

“led by large-scale manufacturing and service sectors gdp will expand by about 3.3 per cent in financial year 2013-14 accelerating further to reach four percent next year” he said.

the mission also noted an improvement in the balance of payments situation and efforts being made by pakistan to build up sbp reserves and stabilise sentiment in the foreign exchange market.

“the authorities’ reform program remains broadly on track” franks said describing as “strong” the fiscal performance of the government during the first nine months of the current financial year 2013-14.

at a joint press conference with franks on saturday pakistan’s finance minister muhammad ishaq dar said the country’s foreign exchange reserves had soared following the bailout package.

“i also have good news to share — the country’s foreign exchange reserves have jumped to 12.9 billion” he said adding they will rise to 15 billion by the end of september.

the reserves stood at 7.8 billion before the bailout last year.

a report on the third review has been tentatively scheduled for consideration by the imf executive board in late june franks said.

if approved it would make about 550 million available to pakistan he added.

china growth view may be cut

meanwhile the imf which currently expects growth of 7.5 per cent this year in china may lower its forecast for the world’s second-largest economy according to changyong rhee director of the fund’s asia and pacific department.

first-quarter data indicated “maybe we have to revise this growth rate slightly down” rhee said at the peterson institute for international economics in washington.

“our forecast at this moment is 7.5 and the market trend at this moment is slightly lower than that” he later told reporters. “so we have to look at whether we have to do it or not.”


 


Khaleej Times




  MENA News Headlines
 Mar 6 2015 - Iraq, ExxonMobil eye oil agreementsMENAFN
(MENAFN) Texas-based Exxon Mobil Corp is set to make a deal with Iraqi government to restructure oil agreements in such a way that Iraq will meet its near-term cash needs, Reuters reported.According ...

 Mar 6 2015 - Qatar, Luxembourg to sign financial cooperation dealMENAFN
(MENAFN) A financial delegation from Luxembourg is in Qatar in hopes of driving greater strategic cooperation between the two countries in the field of international finance, The Peninsula Qatar ...

 Mar 6 2015 - Egypt, Dubai's Arabtec to renegotiate terms for USD40b planMENAFN
(MENAFN) Arabtec's chairman is set to meet officials of Egypt's housing ministry to renegotiate terms of USD40 billion housing plan, Arabian Business reported.Egypt's housing minister is in talks ...

 Mar 6 2015 - MERS kills 10 more in Saudi, health campaign broadenedAFP
(MENAFN - AFP) The MERS virus has killed 10 more people in Saudi Arabia over the past week, pushing the death toll above 400, as health officials broaden their campaign to halt its spread. Saudi ...

 Mar 5 2015 - Saudi, South Korea consider trade expansionMENAFN
(MENAFN) South Korean President announced that Korea and Saudi must try to diversify commercial cooperation with an emphasis on nuclear energy, renewable energy, education and health care, Arab News ...

 Mar 5 2015 - Etisalat plans to invest USD1.08b in 2015MENAFN
(MENAFN) Emirates Telecommunications Corporation, also known as etisalat, is planning to invest USD952.7 to USD1.08 billion this year on its infrastructure, fiber optic and 4G networks as well as to ...

 Mar 5 2015 - Qatar seeks 7 percent growth in 2015 despite oil plungeMENAFN
(MENAFN) Qatar's economy is expected to grow 7 percent in 2015, as it forges ahead with huge infrastructure investment despite the drop in oil prices, leading economist said.The figure compares with ...

 Mar 5 2015 - French Assystem acquires 75 percent in Saudi RadiconMENAFN
(MENAFN) Assystem completed the acquisition of 75 percent stake in the Saudi Radicon Gulf Consult (Radicon) to create a new engineering offer in the Saudi market nominated Assystem Radicon, Saudi ...

 Mar 5 2015 - Dutch Vopak to expand Fujairah oil storage capacity in 2015MENAFN
(MENAFN) Dutch Vopak is set to build five crude oil storage tanks with total capacity of 478,000 cubic meters at the port of Fujairah in the UAE, Reuters reported.Vopak is already in a partnership ...

 Mar 5 2015 - Saudi Kingdom Holding signs MoU with Korean Investment CorporationMENAFN
(MENAFN) Riyadh-based Kingdom Holding Company (KHC), signed an MoU with Korea Investment Corporation (KIC), Saudi Gazette reported.The MoU is set at producing more opportunities in private equity ...

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