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Pakistan, IMF negotiations successful: Ishaq Dar

Latest Update: May 11, 2015 | 260 Views
Ishaaq-Dar

ISLAMABAD: Finance Minister Ishaq Dar said Monday that Pakistan and the International Monetary Fund (IMF) have successfully completed the 7th review of the extended fund facility.

Holding a press conference in the federal capital, he said it is the first time that Pakistan has reached the level of 7th review with IMF under any program.

He cited a World Bank report and Standard and Poor’s revision of Pakistan’s credit ratings as showing evidence that the economy is up on the upturn, adding that it was a moment of happiness for the country.

He said a management level board meeting will take place in June during which 306 million Special Drawing Rights (SDRs) or as per the current rate, $506 million will be released to Pakistan in June 2015 subject to the approval of the meeting.

The minister further said that progress in the economy is not just attributed to lower oil prices.

Dar also said that Pakistan is on track to meet its targets for fiscal deficit by June 2015.