IMF, Pakistan begin talks on release of third loan tranche

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh on Monday said that talks have begun with the International Monetary Fund (IMF) officials visiting Pakistan for releasing the third tranche of the US$6 billion bailout package, ARY NEWS reported.

It is pertinent to mention here that on January 6, Pakistan had received $452.4 mn as a second tranche of the $6 billion Extended Fund Facility from the International Monetary Fund (IMF).

Talking to media as the two sides begin talks for the tranche that would continue till February 13, the adviser said that the economy has witnessed stability during the last months and the investors are looking towards Pakistan for the business opportunities. ”

The country has witnessed stability in the exchange rate with persistent dollar rates,” he said.

“We are assisted by IMF in improving our economy and have successfully doubled the scope of Ehsas Programme with the support of the fund,” the adviser said adding that they have cut extraordinary expenses of the government from the budget.

Speaking over rising inflation in the country, the adviser on finance said that efforts were required at the provincial level to take stern action against hoarders.

He, however, said that the federal government has taken key decisions to overcome rising inflation in the country. “We are importing wheat and have also announced a seven-billion rupee package for the subsidized food items at utility stores.”

Shaikh further said that they are also giving subsidy to 72 percent power consumers in the country. “The nation will witness a downfall in prices in coming days,” he assured saying that the prices of vegetables soared due to change of season.