ISLAMABAD (Dunya News) – International Monetary Fund (IMF) has approved USD 502 million tranche for Pakistan while advised to take steps to expand tax payers base and better governance, Dunya News reported Saturday.
IMF’s board of directors held a meeting on Friday in Washington and completed tenth economic review of Pakistan.
The international authorities have stated that Pakistan could tackle tax evaders by strengthening anti-money laundering framework. The authorities have further advised the government to speed up privatization of institutions that are running in losses.
A bailout package was granted to Pakistan under Extended Fund Facility (EFF) on September 4, 2013 to counter foreign debts.
According to a press release issued by the IMF, Deputy Managing Director and Acting Chair said, “Economic activity has continued to gradually gain strength, and short-term vulnerabilities have receded. Building on these gains, further progress, including in the area of structural reforms, is needed to generate strong and inclusive growth and make the economy more resilient and competitive.”
He also said, “The monetary policy stance remains appropriate. Falling oil prices have helped efforts to bolster foreign reserves. While the establishment of an independent monetary policy committee has been an important step in advancing central bank autonomy, addressing remaining recommendations of the 2013 Safeguards Assessment will be key to strengthen it further.”
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