IMF agrees to grant Rs500 MN loan installment to Pakistan: Hafeez Sheikh

KARACHI: Advisor to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh has said that the International Monetary Fund (IMF) has approved the release of second loan installment of Rs500 million to Pakistan.

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Addressing a press briefing here on Tuesday, the economist, who was accompanied by Federal Minister Hammad Azhar and FBR Chairman Shabbar Zaidi, said that the government’s efforts are producing positive results as highlighted by rising exports and investment, declining current account deficit, and improved fiscal prospects.

He maintained the change in outlook to stable and the balance of payments dynamics will continue to improve, supported by policy adjustments and currency flexibility.

“Moody’s report helped in maintaining the country’s economy stable,” the advisor said.

He said that Bloomberg, IMF and World Bank have also appreciated the improvement in the country’s economy.  He mentioned that during the last five years, economic debt has decreased which is a welcoming sign.

He added for the first time portfolio investment attracted one billion dollars.

Hafeez Sheikh pointed out that the government is working to reduce the interest rate for loans to investors. He said the government plans to boost the construction sector for economic development.

The reserves of the State Bank not only increased in the past few years but it remained stable, he said, adding, “we will move towards recovery and growth in the future.”

The economic challenges have not ended and efforts will continue to boost the country’s economy, he said.

A 100% increase in Pakistan’s non-tax revenue has been witnessed due to policies of the government, he added.

The decrease in petrol prices was carried out keeping in view the reduction in prices worldwide, he further added.

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