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
 Nov 24 2015 - China home-price recovery slows in OctoberGulf Times
(MENAFN - Gulf Times) China's home-price recovery slowed in October, as a supply glut in less-prosperous cities challenges the authorities' efforts to revive the residential market with interest-rate ...

 Nov 24 2015 - Devaluation may force China to pay premium on Dim Sum debtGulf Times
(MENAFN - Gulf Times) China is set to pay more to sell sovereign bonds in Hong Kong than in the onshore market for the first time, as investors brace for the possibility of another yuan ...

 Nov 24 2015 - PetroChina, CNPC plan pipeline, refinery salesGulf Times
(MENAFN - Gulf Times) PetroChina Co and its state-owned parent are planning to sell assets before the end of the year that may include stakes in pipelines and refineries as the country's biggest oil ...

 Nov 24 2015 - Saudi Arabia ready to work with others to stabilise crude marketGulf Times
(MENAFN - Gulf Times) Saudi Arabia's cabinet said yesterday it was ready to cooperate with Opec and non-Opec countries to achieve market stability, days before Opec meets to review its year-long ...

 Nov 24 2015 - Issa Abu Issa on TAKREEM 2015 juryGulf Times
(MENAFN - Gulf Times) Prominent Qatari entrepreneur and Salam International chairman and CEO, Issa Abdul Salam Abu Issa was on the eminent panel of jury of 'TAKREEM 2015.' Established in 2010, ...

 Nov 24 2015 - Joyalukkas raises AED500mn to 'refinance and reduce borrowing costs'Gulf Times
(MENAFN - Gulf TimesDubai-headquartered leading jewellery retail chain Joyalukkas has raised a total amount of AED500mn through multiple banking arrangements. Part of this is a $80mn term loan with a ...

 Nov 24 2015 - Qatar Airways named the Best Mideast Airline serving ChinaGulf Times
(MENAFN - Gulf Times) Qatar Airways has been named the Best Middle East Airline serving China, at the 2015 Business Traveller China Awards, picking up the award for the fourth consecutive year."To be ...

 Nov 24 2015 - Qatar banks' loan-deposit ratio hits 115% in October QCB targets 100%Gulf Times
(MENAFN - Gulf Times) Qatar's banking sector witnessed loan-deposit ratio increase to 115% in October against 112% in the previous month; even as the Qatar Central Bank is aiming to limit the ratio ...

 Nov 24 2015 - Qatar brokers reconciliation deal between Libyan tribesGulf Times
(MENAFN - Gulf Times) The Libyan tribes of the Tuareg and Tebu yesterday signed a comprehensive reconciliation agreement under the auspices of HH the Emir Sheikh Tamim bin Hamad al-Thani to put an ...

 Nov 24 2015 - Suicide vest found on Paris street: Did Belgian suspect Abdeslam get cold feetAsia Times
(MENAFN - Asia Times) Salah Abdeslam In Washington the US State Departmentissued a global alert on Monday for Americans planning to travel following the deadly militant attacks in France and ...




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