Summary Finance Minister Ishaq Dar said the economy is on the road to progress due to govt policies.
DUBAI (Web Desk) - International Monetary Fund has approved the third tranche of $545 million dollars to Pakistan under the $6.6 billion dollars Extended Fund Facility.
This was stated by the head of IMF Mission Jeffery Franks while addressing a joint news conference after a meeting with Finance Minister Ishaq Dar in Dubai.
Frank said both the parties have reached the loan agreement. He said Pakistani economy is moving towards the set objectives.
He said the economic growth has increased from 2.8 to 3.1 percent.
Finance Minister Ishaq Dar on this occasion said our economy is on the right track and the government is taking a number of steps for further improvement.
He pledged to add four thousand five hundred megawatts electricity to the national grid in next four years. He said the government is providing electricity to industry despite its shortage and subsidy is also being given for the provision of cheap electricity to consumers.
The Finance Minister said electricity distribution companies are being made efficient to overcome line losses. He said the government has ended unannounced load shedding and has approved energy policy to increase its production.
Ishaq Dar said legislation is being made to stop pilferage of electricity and gas.
Finance Minister Ishaq Dar said Pakistan and IMF have successfully concluded the second review under the three-year extended fund facility programme. He said this is indicative of government's commitment in implementing structural reforms in the field of taxation‚ energy‚ financial sectors and public sector enterprises.
Ishaq Dar said the fiscal sector exhibited strong performance during the first half of the year. He said‚ against the target of 3.5 percent‚ the actual fiscal deficit was 2.2 percent of GDP.
He said revenue collection increased by over 17 percent.
He said the State Bank of Pakistan will continue its prudent stance on monetary policy to help accumulate foreign exchange reserves and maintain price stability.
Ishaq Dar said we are moving ahead with privatization of public sector enterprises through capital market transactions and strategic partnership.
