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
 Oct 6 2015 - IMF says Iran nuclear deal to boost Mideast economyAFP
(MENAFN - AFP) Iran's landmark nuclear deal will lift economic growth in the war-plagued Middle East next year as the rolling back of sanctions brings a rebound in oil exports, the IMF said ...

 Oct 6 2015 - Abu Dhabi s NBAD is 1 for GCC bonds DealogicEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 6th October 2015 (WAM) --- National Bank of Abu Dhabi (NBAD) the Safest Bank in Emerging Markets and the Middle East by Global Finance magazine is ...

 Oct 6 2015 - ADEC offers public school students an After School Support ProgrammeEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 6th October 2015 (WAM) -- The Abu Dhabi Education Council ADEC has organised an "After School Support Programme" for students for the 2015/2016 ...

 Oct 6 2015 - Four UAE soldiers martyred in AdenEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 6th October 2015 (WAM) -- The General Command of the UAE Armed Forces has announced the death of four of its brave soldiers in Aden during their ...

 Oct 6 2015 - UAE- Ajman Ruler congratulates Egyptian PresidentEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) AJMAN 6th October 2015 (WAM) -- H.H. Sheikh Humaid bin Rashid Al Nuaimi Supreme Council Member and Ruler of Ajman has sent a cable of congratulations to the ...

 Oct 6 2015 - UAE Ambassador to Bahrain attends mass weddingEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) MANAMA 6th October 2015 (WAM) --- Ambassador of the United Arab Emirates to Bahrain Abdul Redha Khouri recently attended a mass wedding for 202 couples with ...

 Oct 6 2015 - Dubai repays US500 million bonds certificatesEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI 6th October 2015 (WAM) -- The Government of Dubai acting through the Department of Finance has announced that the US$ 500 million Fixed Rate Note ...

 Oct 6 2015 - UAE- Emirates Airline offers special A380 fares to a host of destinationsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI 6th October 2016 (WAM) --- Travellers in the UAE gearing up for year-end trips can now enjoy special fares to a host of destinations served by the ...

 Oct 6 2015 - UAE-MENA healthcare providers to spend US2.73bn on IT products services in 2015Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai 6th October 2015 (WAM) - Healthcare providers in the Middle East and North Africa will spend US$2.73 billion on IT products and services in 2015 ...

 Oct 6 2015 - Dhahi Khalfan opens 2015 edition of Critical Communications Middle East in DubaiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai 6th October 2015 (WAM) - Lieutenant General Dhahi Khalfan Tamim Deputy Chairman of Dubai Police and General Security led the opening ceremony of the ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

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


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


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