DUBAI: International Monetary Fund (IMF) announces to decide the issuance of third tranche of $550 million to Pakistan under the $6.5 billion Extended Fund Facility in the board meeting scheduled to be held on March, ARY News reported.
In a statement, head of IMF Mission Jeffery Franks said Pakistan is on the right track for economic development.
He predicted that Pakistan’s economic growth will be recorded at 3.1 per cent which was earlier expected to be remained at 2.8 per cent.
IMF stated that decrease in electricity subsidy and increase in collection of tax during the second quarter of current fiscal year has improved the financial position of Pakistan.
On the other hand, federal finance minister Ishaq Dar pledged to add 4400 megawatts electricity to the national grid in next four years.
The Finance Minister said electricity distribution companies are being made efficient to overcome line losses. He said the government has ended unannounced load shedding and has approved energy policy to increase its production.
It further stated that foreign exchange reserves of Pakistan have showed drastic progress as well as stability in rupee.
According to IMF the reforms in the electricity sector will help Pakistan to counter electricity shortages and also attract investors in this particular sector.