The International Monetary Fund (IMF) mission has expressed satisfaction with a briefing from State Bank of Pakistan (SBP) officials as both sides move into the next phase of its latest economic review.
The IMF mission spent three days in Karachi, where it held discussions with SBP officials and the Sindh government before moving to Islamabad for formal policy-level talks.
SBP officials briefed IMF on Pakistan’s economic performance, covering foreign exchange reserves, monetary policy, imports and developments in the foreign exchange market. The mission expressed satisfaction with the briefing.
The central bank officials also informed IMF that Pakistan had achieved its target of maintaining foreign exchange reserves above $17 billion.
The briefing also covered developments in the current account and an increase in foreign direct investment.
The Sindh government briefed IMF on its contribution to the federal government’s surplus budget. Officials said Sindh’s tax revenue reached Rs. 593 billion by June 30, while non-tax revenue more than doubled to over Rs. 80 billion.
The IMF mission is now set to begin policy-level discussions with Pakistan’s economic team in Islamabad as part of the fourth review of the country’s $7 billion Extended Fund Facility (EFF) program.
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