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Talks between Pakistan, IMF to be held today

Talks between Pakistan, IMF to be held today
February 3, 2020
ISLAMABAD (92 News) – A delegation of the International Monetary Fund (IMF) will hold talks with the Pakistani leadership on Monday (today). It is pertinent to mention here that the talks will be started between Pakistan and IMF for release of the third tranche of loan to Pakistan. According to the source of Finance Ministry, economic performance will be reviewed from July to December 2019, details will be presented on revenue and budget deficits. The IMF delegation will arrive in Pakistan on February 3 and hold talks with the government till February 13, confirmed Teresa Daban, the Resident Representative of the IMF for Pakistan. The mission will review performance of different ministries and departments. The energy and tax reforms will also come under review. In December 2019, the money lending institute said Pakistan’s programme was on track and had started to bear fruit, but warned that risks remain. The statement from the IMF came after it approved second tranche of $452 million under the $6 billion Extended Fund Facility (EFF) for Pakistan. Earlier, Pakistan received a $454 million second tranche from the International Monetary Fund (IMF) under a $6 billion Extended Fund Facility (EFF). The $454-million payment would be added to the country’s foreign exchange reserves, currently at $17.6 billion, by next week. The IMF approved the EFF installment last Friday, saying that the country’s programme was on track and had started to bear fruit. However, it had warned that the risks remained. The approval came from the IMF’s executive board, which had made its decision after completing the first review of Pakistan’s economic performance. The IMF executive board completed the first assessment of Pakistan’s economic performance and approved $452 million for Pakistan. According to the press release, the IMF executive board has completed the first review of Pakistan’s economic performance. In a statement first deputy managing director and acting chair said that $452 million would be given to Pakistan. The IMF has said Pakistan’s economic reforms program is on track and has started to bear fruit. The IMF executive board made this observation following completion of its first review of Pakistan’s economic performance under the Extended Fund Facility. The world lender said that decisive policy implementation by Pakistani authorities is helping to preserve economic stability. It also noted that transition to a market determined exchange rate has been orderly and inflation has started to stabilize, mitigating the impact on the most vulnerable groups of the population.