Summary IMF said Pakistan was meeting all the conditions set by the Fund except for net reserves target.
WASHINGTON (Web Desk) - Expressing satisfaction with the Pakistan’s economic progress, the International Monetary Fund (IMF) stated that Pakistan is likely to get $550 million if an agreement between the fund and the authorities is approved in the upcoming meeting of the board.
This was said by Gerry Rice, the Director for Communications at the International Monetary Fund during a press conference in Washington.
Responding to a question, Gerry Rice confirmed that Pakistan government was meeting all the conditions set by the Fund except for the target on net reserves.
'What I can say is the program remains broadly on track with the government meeting all of the quantitative performance criteria by end of September 2013, with the exception of the target on net reserves. Indeed, the board is scheduled to meet on the first review of the program on the 19th. And if the staff level agreement with the authorities is approved, about $550 million would be made available to Pakistan', IMF director for communications Gerry Rice said.
It is important to mention that IMF had agreed to loan Pakistan $6.7billion over three years with its condition of quarterly reviews to save the country from the possible default.
The meeting of IMF board review is scheduled for December 19.
