As part of Operation Chivalrous Knight 3, food, shelter tents, and basic supplies were provided to Palestinian families
The Washington-based financial institution, which concluded its 12-day visit to Pakistan on Friday, said all performance criterion for September-end were met with comfortable margins despite a difficult environment. Sustaining sound policies and advancing structural reforms remain key priorities to enhance resilience and pave the way for a stronger and sustainable growth, it added.
"Completion of the review will enable disbursement of SDR328 million (or around $450 million) and will help unlock significant funding from bilateral and multilateral partners," said Ramirez Rigo, head of an IMF mission to Islamabad.
The IMF agreed upon a $6 billion rescue package for Pakistan in April - its 13th bailout programme for the South Asian nation since the late 1980s. It released the first tranche of $1 billion in July while the remainder of the amount will be given to Islamabad over the term of the agreement - spanning over 39 months - expiring in 2022.
The mission was in Islamabad from October 28 to November 8 to conduct the first review of Pakistan economy under the extended fund facility approved in July. The next IMF economic review is expected to take place in early 2020.
"Once the IMF's executive board gives the go ahead in its next meeting in December, the IMF will clear second tranche of $450 million that will provide a much needed cushion to the country's balance of payments and foreign exchange reserves," a finance ministry official told Khaleej Times on Saturday.
The IMF mission head highlighted signs of improvement in economic stability, including the move to a flexible exchange rate, and slowing inflation that is projected to fall under 12 per cent next year. However, the IMF mission said more work is needed to curb money laundering and terror financing.
"The government policies have started to bear fruit, helping to reign in buildup of vulnerabilities and restore economic stability. The external and fiscal deficits are narrowing, inflation is expected to decline and growth (although slow) remains positive," Rigo said in a statement late on Friday.
"The near-term macroeconomic outlook is broadly unchanged from the time of the programme approval, with gradually strengthening activity and average inflation expected to decelerate to 11.8 per cent in fiscal year 2020. However, domestic and international risks remain, and structural economic challenges persist," the IMF statement said.
- Dr. Abdul Hafeez Shaikh (@a_hafeezshaikh) November 4, 2019
50% funds available immediately to the Planning Division and eliminated the requirements of "ways and means clearance" and "Finance Division's endorsement" (contd) pic.twitter.com/vDbdDYWW1e
- Dr. Abdul Hafeez Shaikh (@a_hafeezshaikh) November 7, 2019
- Dr. Abdul Hafeez Shaikh (@a_hafeezshaikh) November 8, 2019
As part of Operation Chivalrous Knight 3, food, shelter tents, and basic supplies were provided to Palestinian families
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