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Pakistan likely to get $1.1bn approved from IMF

ISLAMABAD: The International Monetary Fund’s (IMF) executive board meeting will be held on December 17 in Washington and it is expected that board will approve two tranches of $555 million for Pakistan, ARY News reported.

IMF wasn’t issued fourth tranche worth $ 550 million of $6.64 billion Extended Fund Facility (EFF) programme to Pakistan due to government failure to comply with the agreed performance benchmarks.

However, finance ministry expecting that the country now would be able to receive $1.1 billion on account of two installments as IMF had expressed satisfaction over Pakistan’s economic performance.

On the other hand, a staff-level mission led by Jeffery Frank in a statement issued at the conclusion of combined fourth and fifth reviews stated that Pakistan has missed targets on Net Domestic Assets of the State Bank of Pakistan (SBP) (end-June and end-September), the government borrowing from the central bank (end-June and end-September), as well as Net International Reserves (NIR) for end-September.

The government has requested for a waiver on the missed targets during discussion on mandatory fourth and fifth reviews of EFF held at Dubai from October 29 to November 8, 2014.

The foreign exchange reserves of the country will mount to $15 billion dollar if IMF approved $1.1 billion.

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