Business

DUBAI (APP) – Minister for Finance, Senator Mohammad Ishaq Dar Thursday said that Pakistan has for the
first time successfully completed 10th Review with International Monetary Fund (IMF).

Pakistan was on the path of economic trajectory with all indicators showing economy moving in the right direction.

Addressing a joint press conference with IMF Country Director, Herald Finger, who lead the IMF team in the talks, said that the government has initiated structural economic reforms during its two and half year in office which were showing positive results.

He said the government inherited 8.8 percent fiscal deficit when it came into power in 2013 which has now brought down to 5.3 percent and would further be sliced to 4.3 percent during the current fiscal year 2015-16. The Minister said the CPI based inflation which was 12 percent in 2013 has reduced to 2.1 percent- the lowest in 12 years.

Ishaq Dar said due to prudent policies of the government, the foreign exchange reserves have been increased to over US$ 20 billion despite heavy payments.

He said out of US$ 20.27 billion foreign exchange reserves, State Bank of Pakistan is holding US$ 15.43 billion while commercial banks have US$ 4.48 billion.

Ishaq Dar said the present government has adopted fiscal discipline in all financial sectors and the public development expenditure which were only Rs.400 billion have been increased to Rs.700 billion.

Highlighting the China-Pakistan Economic Corridor (CPEC), he hoped that it would contribute a lot in furthering economic development.

In financial sector, he said the government has initiated reforms which has further strengthened the financial sectors especially the banking sector in the country.

He also appreciated the IMF team led by Herald Finger for working hard for 10th review with Pakistan.