IMF praises ...

Pakistan Observer - - IN­TER­NA­TIONAL -

Ma­sood Ahmed, di­rec­tor of the IMF’s Mid­dle East and Cen­tral Asia de­part­ment, told Reuters sub­stan­tial progress had been made in re­pair­ing Pak­istan’s econ­omy and that Islamabad was right to be say­ing is does not need an­other pack­age. “I think that is a very sen­si­ble ap­proach at this stage,” Ahmed said. “They have built up their re­serves, they have halved their budget deficit, their growth rate is pretty much the high­est of all the coun­tries in the re­gion broadly de­fined.”

“There­fore they have com­pleted to a large mea­sure the sta­bi­liza­tion agenda that this pro­gramme was sup­port­ing.”

Ac­cord­ing to the news agency a to­tal of $1.1 bil­lion of the $6.7 bil­lion pack­age is due to be dis­bursed be­fore the pro­gramme ends in Septem­ber “The next phase (once the pro­gramme ends) is to con­tinue with the re­forms that they have on struc­tural mea­sures that will sus­tain­ably raise their growth rate and par­tic­u­larly raise their ex­ports,” said Ahmed.— APP

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