ISLAMABAD - Pakistan will request the International Monetary Fund to release pending fifth tranche worth $550 million under extended fund facility, which had been delayed due to prolong sit-ins of PTI and PAT in Islamabad.

Sources informed that Finance Minister Senator Ishaq Dar, who is currently in Washington to attend the annual meetings of IMF/World Bank, would ask the Fund for early release of pending tranche, so the programme could remain intact. The IMF had delayed to release the fifth tranche worth $550 million as Pakistan failed to fulfil the demands of Funds due to political uncertainty occurred to the prolong sit-ins in federal capital Islamabad.  “Finance Minister Ishaq Dar will talk to the IMF officials at the sideline annual meetings of the IMF and World Bank at Washington regarding pending installment”, said Rana Asad Amin spokesperson and Adviser to the Finance Ministry while talking to The Nation.  Pakistan had failed to satisfy the IMF on the fourth economic review to receive fifth tranche, which was expected to materialise in September 2014. Pakistan and IMF held negotiations for long time in Dubai and through video conference.  Sources informed that government did not increase the power tariff by seven percent as directed by the Fund due to the political pressure, which delayed the installment.   Pakistan had entered into an extended fund facility (EFF) programme with IMF on September 4, 2013. It is a 36-month extended arrangement under the Extended Fund Facility (EFF) for SDR 4.393 billion ($6.64 billion, 425 percent of quota). The country had received four tranches worth of $2.2 billion during previous financial year 2013-14, which helped in repaying the previous loans.

Meanwhile, United States of America also assured Pakistan to play its role for pending IMF installment. US Deputy National Security Advisor for International Economic Affairs Caroline Atkinson on Thursday assured the Finance Minister Senator Ishaq Dar her fullest support to Pakistan for the IMF programme and hoped that Pakistan’s foreign exchange reserves would attain a desirable level and Pakistan would overcome its energy shortfall and tariff hiccups.

Meanwhile, sources informed that World Bank could provide $750 million to Pakistan for the rehabilitation of the flood affected areas and energy sector. Finance Minister Senator Ishaq Dar has reportedly sought loan from World Bank during his meeting with Bank officials at Washington. The executive board of the World Bank would consider Pakistan’s demand.