Forex reserves to further improve by December end: Dar
Finance Minister says Pakistan is expected to receive two tranches from IMF in December 2014.
Pakistan is expected to receive two tranches from IMF in December this year and hopes to complete the OGDCL (Oil and Gas Development Company) transaction and sale of Sukuk bonds very soon.
This was stated by Finance Minister Ishaq Dar while talking to British High Commissioner Philip Barton and Head of DFID (Department for International Development) Richard Montgomery in Islamabad on Monday.
The Finance Minister expressed the confidence that this would improve reserves and the balance of payments position.
He said that although the sit-ins negatively impacted many of our transactions which were of vital importance for Pakistan yet the Government taken up our work on revamping of the economy with even greater zeal.
The Finance Minister said that he is deliberating upon establishing two separate funds for the rehabilitation of IDPs and flood affectees with the contribution and active support of different countries and international organizations.
Richard Montgomery said that UK is expecting Pakistan, as well as the rest of the world, to work on the projects of regional Co-operation specially CASA 1000 Project. The project on the basis of its potential would receive financial support internationally.
Finance Minister remarked Pakistan was also desirous of extending its economic ties with the neighboring countries and hoped the new Government in Afghanistan would be friendly to work with.
Montgomery also said they would continue to support the income support programme in the future as well but also want its outreach to expand from the current 4.5 million people to 4.8 million people.