ISLAMABAD - IMF on Tuesday recognised the difficult economic situation faced by Pakistan and appreciated the hard decisions taken by the present government even before starting negotiations with IMF.  

A four-member delegation of International Monetary Fund comprising Jafar Mojarrad, Executive Director Masood Ahmed, Director IMF Jaffrey Franks, Mission Chief IMF and Mansoor Dailami, Senior Representative IMF called on Finance Minister Senator Mohammad Ishaq Dar. The IMF delegation congratulated the Finance Minister on the successful conclusion of the programme and said that the IMF would continue to work with Pakistan and augment its efforts through the entire process. Jaffar Mojarrad said that IMF recognised the difficult economic situation faced by Pakistan and appreciated the hard decisions taken by the present government even before starting negotiations with IMF. This he said signalled the seriousness of purpose of the present government. The IMF delegation was of the opinion that already Pakistan is witnessing the benefits of entering into a programme as international donors felt comfortable.

The IMF delegation informed the Finance Minister that there was a lively discussion when the programme was put on the agenda of the board and members evinced keen interest and support for the programme. This programme could be a turning point for the transformation of Pakistan’s economy, the delegation hoped. Senator Ishaq Dar said that the July-August 2013 figures for tax revenue showed a growth of 20pc as compared to two and a half percent in the last year, FBR, he said, had already issued notices to 10935 new assesses, there was a current account surplus of $46 million in July 2013, growth of 9pc in exports and record remittance of $1.4 billion in July 2013. He said that he was encouraged by these results and confident that the targets set out by the government would be achieved as “things are shaping up”.

In response to an offer made by IMF delegation for technical assistance, Senator Ishaq Dar thanked the IMF for the offer.  Senator Ishaq Dar said that despite inheriting a fragile economy because of the inactions on the part of previous government, the present government had taken hard decisions to stabilise the economy and introduce structural reforms.

The Finance Minister expressed the confidence that both sides will work actively in future as well.

The meeting was also attended by Chairman FBR and seniors officials of Ministry of Finance and Economic Affairs Division.