ISLAMABAD: Finance Minister Ishaq Dar on Thursday said Pakistan would receive $900 million dollars from the World Bank and the Asian Development Bank in November.
‘Pakistan and International Monetary Fund (IMF) have successfully concluded ninth review of Extended Fund Facility paving the way for release of $505 million tranche to Pakistan after the IMF Board meeting next month,’ he said at the conclusion of their talks in Islamabad. Their talks began in Dubai on 26th of last month and were given final touches in Islamabad today.
He said Pakistan and IMF had completed negotiations on Development Policy Credit for energy sector and a credit of five hundred million dollars was expected after 12th of this month. Similarly, the Board of Asian Development Bank was also meeting on 21st of November to approve $400 m assistance for Pakistan.
The finance minister said Pakistan had mostly met the performance criteria set by the IMF under a home-grown programme.
He said the IMF estimated the GDP growth at 4.5 percent, but the government would make efforts to realize the target of 5.5 percent.
Dar said IMF had reduced the target of inflation from the previous 4.7 to 3.7 percent in view of falling trend witnessed in the first quarter of this financial year.
The minister said as of 30th of the October, Pakistan held foreign exchange reserves of $20.073 billion. These included $15.25 billion with the State Bank of Pakistan and 4.82 billion dollars with commercial banks.
