On track for third tranche: Dar claims Pakistan has met most of IMF's benchmarks

Buoyed by loan approvals from the World Bank, the Asian Development Bank and a relatively successful spectrum auction, Finance Minister Ishaq Dar told an International Monetary Fund (IMF) delegation on Wednesday that Pakistan’s performance on various actions, economic indicators set under the reform agenda were on track with most of the benchmarks met.

Dar along with the Economic Affairs secretary Nargis Sethi and other senior finance officials are in Dubai to meet with the IMF team who would assess whether Pakistan had met the policy actions, performance criteria and benchmarks set under $6.7 billion loan programme.

Pakistan has to meet the periodical conditions set by the IMF to qualify for the next tranche of the loan.

Dar told the IMF team that growth during the first half of current financial year was 4.1% against 3.4% during the corresponding period last year.

He explained that growth had been spurred by a rebound in the industrial sector, which was recording remarkable growth in large scale manufacturing.

Dar added that all economic indicators were on the upward trajectory. Inflation, a scourge of recent years, too has been contained to single digit during the first ten months of the current fiscal year.

The finance minister stated pointed towards inflows from multilateral and bilateral development partners, the Euro Bond, privatisation proceeds, spectrum auction, IMF tranche and significant increase in remittances.

IMF’s mission chief appreciated the efforts of the government in meeting various targets.