Pakistan and IMF have successfully completed annual consultations

ISLAMABAD:(APS)April 5, 2017-Pakistan and International Monetary Fund have successfully completed annual consultations under Article-IV of the Agreement.

Addressing a joint press conference along with IMF Mission Chief Harald Finger in Dubai on Wednesday, Finance Minister Ishaq Dar said the consultations broadly covered multiple areas of the economy.

He said successful completion of the discussions indicates the government’s commitment in further deepening of structural reforms in the areas of energy, monetary, financial and public sector enterprises.

The minister said the gross domestic product continued to maintain its growth momentum above four per cent for the third successive year.

The government in the current fiscal year is expecting a growth above five per cent, which will be the highest in the last nine years.

Ishaq Dar said the overall economic environment is conducive backed by an accommodative monetary policy as policy rate at 5.75 per cent is the lowest in last few decades.

He said large scale manufacturing continues to grow at 3.5 per cent with increase in production of cement, steel, pharmaceuticals, automobiles, paper and board and electronics.

The Minister said the budget deficit, which stood at 8.2 per cent of GDP in FY 2013, has been brought down to 4.6 per cent in financial year 2016.

He said total collection by FBR in first nine months of the current financial year was 2258 billion rupees, which is unprecedented in its history.