Karachi: Advisor to Prime Minister on Finance and Revenue Hafeez Shaikh on Tuesday announced that the International Monetary Fund (IMF) has approved the release of the second loan instalment to the country — amounting to USD 500 million, according to news sources.
He made this announcement while addressing a press briefing in Islamabad. He went on to state that the IMF, Bloomberg and the World Bank had recognized Pakistan’s efforts to meet economic targets through financial reforms.
The advisor said that the government’s new policies were yielding positive outcomes, evidenced by the increase in exports and investments, the reduced current account deficit, and an enhanced financial outlook.
He referred to Moody’s recent decision to upgrade Pakistan’s ranking and said that the dynamics of this balance of payments will continue to improve through currency flexibility and policy adjustments. He added that the decrease in economic debt observed over the last few months was also a welcome sign.
Additionally, Hafeez Shaikh vowed that the government was working on reducing the interest rates for loans provided to investors, and also planned to strengthen the construction sector in order to boost the national economy. Moreover, he revealed that there had been a 100% increase in Pakistan’s non-tax revenue collection, due to the new and improved policies of the government.