Quarterly review: IMF notes progress on achieving targets

IMF mission, government representatives discuss course of action for complying with EFF performance indicators.

ISLAMABAD: An International Monetary Fund (IMF) mission on Wednesday appreciated progress on achieving quarterly targets listed as part of the $6.64 billion extended funds facility (EFF) granted in September, 2013, a release said.

The IMF mission, currently in Pakistan, held a plenary meeting with the representatives from the Ministry of Finance and other related ministries and agencies in Islamabad on Wednesday.

The mission is conducting the first quarterly review of the reforms under the EFF approved by the IMF Board on September 4, 2013. The economic reforms program introduced under the EFF envisages strengthening macroeconomic and structural policies to shore up confidence, reduce economic imbalances, and foster sustained inclusive growth and employment generation.

During the meeting, discussions were held on implementation of various reforms under the EFF. The mission appreciated the progress on achieving the performance criteria, indicative target and structural benchmark agreed for the first quarter of the programme.

A course of action for complying with various performance indicators and structural benchmarks was also discussed.

The meeting was attended by the officials of Ministries of Finance, Commerce, Water and Power, Petroleum and Natural Resources, Privatization, Securities and Exchange Commission of Pakistan and the Federal Board of Revenue.

The mission will hold detailed consultations with the respective ministries and agencies on the economic reforms program under the EFF before concluding its review by November 7, 2013.