Pakistan to receive $900m from World Bank, ADB

ISLAMABAD:Pakistan and the International Monetary Fund have successfully concluded ninth review of the extended fund facility paving the way for release of $505 million tranche to Pakistan after the IMF Board meeting next month.The announcement was made by Federal Minister for Finance and Economic Affairs Senator Ishaq Dar and IMF officials at the conclusion of their talks here. Their talks started in Dubai on October 26 and were given final touches in Islamabad on Thursday.The minister said that Pakistan would receive $900 million from the World Bank and the Asian Development Bank this month. He said that Pakistan and the IMF had completed negotiations on development policy credit for energy sector and a credit of $500 million was expected after November 12.Similarly, the board of the Asian Development Bank is also meeting on November 21 to approve $400 million assistance for Pakistan. Senator Dar said that Pakistan had mostly met the performance criteria set by the IMF under a home-grown programme.

He said that the IMF estimated the GDP growth at 4.5 per cent, but the government would make efforts to realise the target of 5.5 per cent. He said that the IMF had reduced the target of inflation from the previous 4.7 to 3.7 per cent in view of the falling trend witnessed in the first quarter of this financial year.As of October 30, Pakistan has foreign exchange reserves of $20.073 billion, the minister said. These include $15.25 billion with the State Bank and $4.82 billion with commercial banks.


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