IMF hints Pakistan on track for US$550m loan tranche

imf

Pakistan was on track to receive a third loan tranche worth $550 million from the International Monetary Fund this year, the Washington-based lender indicated on Sunday, saying the nation’s economic recovery was gathering pace.

The IMF approved a $6.7 billion bailout loan package for Pakistan in September last year to help the struggling nuclear-armed country achieve economic reforms, particularly in its troubled energy sector.

“The IMF… is encouraged by the overall progress made in pushing ahead with policies to strengthen macroeconomic stability and reviving economic growth,” IMF’s Jeffrey Franks said after talks with Pakistan Finance Minister Ishaq Dar in Dubai.

The IMF said Pakistan’s economy was picking up, with growth expected to reach about 3.1 per cent in 2013/14 compared to its earlier estimate of 2.8 per cent.

Cash-strapped Pakistan, plagued by a bloody home-grown Taliban insurgency, is battling to get its shaky economy back on track and solve a chronic energy crisis that cripples industry.

The IMF made an initial payment of $540 million, and in November fund officials said during a monitoring visit that Pakistan was “broadly on track” with reforms.

In December, Pakistan received $554 million as a second tranche of the loan.

Franks said IMF’s executive board would tentatively in late March consider whether Pakistan was qualified to receive the third tranche.

 

 

 

 

 

Source : Channel News Asia | February 10, 2014

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Thomas D’Innocenzi is a highly accomplished, results-focused international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. http://www.NovaAdvisors.com thomas@NovaAdvisors.com USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
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