The IMF on Wednesday released $102.1 million to cash-strapped Pakistan as part of its final tranche of distribution of financial assistance to improve and restructure the country's economy.
The disbursement was part of $6.15 billion approved by the IMF Board in September 2013.
"Significant challenges remain for Pakistan in the post-program period, and the authorities' commitment to continue implementing strong policies to reinforce macroeconomic stability gains and advance growth-supporting reforms is to be commended," said Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair of IMF Executive Board.
"In light of the significant public debt burden, the authorities' plan to further reduce the fiscal deficit is welcome. The 2016/17 budget and the revised fiscal responsibility framework can anchor fiscal policy in support of further gradual fiscal consolidation," he said.
"Swiftly addressing the remaining recommendations of the 2013 Safeguards Assessment is needed to further strengthen the central bank's autonomy. Further progress in advancing financial sector reforms will be important," he said.
Furusawa said Pakistan's fund-supported programme has helped the country restore macroeconomic stability, reduce vulnerabilities, and make progress in tackling key structural challenges.
"Economic growth has gradually increased and inflation has declined. External buffers have been bolstered, financial sector resilience has been reinforced, and the fiscal deficit has been reduced, while social safety nets have been strengthened," he said.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.