pakistan to receive 7th tranche of imf bailout package by ju

ISLAMABAD: Finance Minister Senator Ishaq Dar on Monday termed deliberation between Pakistan and International Monetary Fund (IMF) for the 7th review under Extended Funds Facility (EFF) programme as successful.Pakistan’s delegation was led by Dar whereas the IMF team was led by Harald Finger at the final round of talks held in the federal capital.Speaking at a press conference here today, the finance minister said the successful conclusion of dialogue has paved the way for release of next tranche of $506 million to Pakistan by June this year. He said it is for the first time that Pakistan has reached the level of 7th review with IMF under any programme.Dar expressed confidence in achieving the fiscal deficit target of 4.9 per cent in 2015 and the next year’s target has been kept at 4.3 per cent, keeping in view expenditure on Operation Zarb-e-Azb and rehabilitation of IDPs.He said all indicators have been showing an upward economic trajectory, calling it a moment of happiness for Pakistan. He said the country was on track to meet its targets for fiscal deficit by June.The minister said that foreign exchange reserves currently stand at $17.6 billion in the State Bank of Pakistan (SBP), hoping that the government would achieve the target of $18.5 billion by the Holy month of Ramadan.Inflation was recorded at 2.1pc in April this year, which he said was lowest in the last 12 years. The minster announced that the National Identity Card number would be used as the tax number from next financial year.The IMF mission chief, on the occasion, expressed satisfaction with Pakistan’s economic growth saying the next tranche under extended fund facility would be released by June.Pakistan has received 3.5 billion from the Fund in six tranches since September, 2013 when the IMF board approved the three year extended arrangement under the EFF for about US$6.12 billion.