IMF approves 3rd tranche of $545m to Pakistan

IMF approves 3rd tranche of $545m to Pakistan

imfDUBAI: International Monetary Fund has approved the third tranche of 545 million dollars to Pakistan under the six point six billion dollars Extended Fund Facility on Sunday in Dubai.

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. He said IMF is not putting any pressure on Pakistan for the privatization of the institutions, adding that this process is beneficial for Pakistan. He said that the goals set for Pakistan are in process of completion. He said that the reserves of Pakistan are gaining strength, adding that if the tax collection is enhanced in Pakistan the budget deficit will further decreased.

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. He said that the work is in progress for the privatization of the state run institutions. He said that the government is also searching strategic partner for the PIA.

He said that the IMF is fully satisfied with the performance of Pakistan, adding that the load shedding would not be done for the domestic consumers till September October, adding that the electricity theft and pilferage is at 27 percent in country. He said that 8500 megawat electricity would be included in the system in next four years, which would be helpful to overcome energy crisis. He said that the electricity load shedding is being done according to the schedule, adding that the condition of load shedding would improve after the change in weather. He said that the cost of electricity has not been increased for the consumers using 200 megawatts. He said that Rs 151 billion is being given as subsidy to different fields, adding that the steps are being taken to stop electricity theft.

Ishaq Dar said that there is need to take steps for collection of electricity bills, adding that the distribution companies of the electricity are being activated to overcome line losses.
He said that the economy of the country is moving in right direction, adding that the policy has been approved for overcoming electricity and gas theft and increasing the production. He said that the government is working for the betterment of the economic condition of the country.

Earlier talking to media persons Ishaq Dar said that the dialogues with the IMF remained successful. He said the World Bank has also promised to give $ 1.7 billion for various development projects. Ishaq Dar said it is expected that US will issue $352 million of coalition support fund tomorrow (Tuesday).

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