Ishaq Dar is proving himself to be the perfect choice of PML-N for Finance portfolio … :k:
Re: Appreciation from WB & IMF : Ishaq Dar
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Re: Appreciation from WB & IMF : Ishaq Dar
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Re: Appreciation from WB & IMF : Ishaq Dar
Pakistan to get $ 550 million under EFF after approval from IMF Board: Dar
Saturday, 10 May 2014 21:47
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ISLAMABAD: Minister for Finance, Senator Muhammad Ishaq Dar on Saturday said that Pakistan and International Monetary Fund (IMF) have successfully concluded negotiations for grant of US$ 550 million 4th tranche for Extended Fund Facility (EFF) in Dubai and after the approval from IMF Board the country would get the amount by June 1, 2014.
This was stated by Finance Minster while addressing a joint press conference with IMF staff mission, led by Jeffrey Franks here at P Block Auditorium on Saturday.
Secretary Finance, Dr. Waqar Masood Khan, Governor Sytate Bank of Pakistan (SBP) Ashraf Wathra, Advisor Finance Ministry Rana Asad Amin, Chairman Federal Board of Revenue, Tariq Bajwa, Mansoor Dailimi Senior, Representative IMF and senior officials of the Ministry of Finance were also present on the occasion.
Ishaq Dar said that Pakistan would get an amount of US$ 2.20 billion from the Fund during this year while Pakistan would pay US$ 3 billion to IMF out of which US$ one billion would be returned from country’s own resources.
The mistier said that the IMF has appreciated the economic policies of the present government for its efforts in improving the economic imbalances committed during the previous regime.
He said that due to prudent economic policies of the government it has defeated the assumption and speculations regarding the economic collapse of the country by June 2014, while the international community is appreciating the policies of the government.
Ishaq Dar said that it the objective of the present government to increase Gross Domestic Product (GDP), contain inflation, reduce poverty, create job opportunities for the people and put the economy on strong footing.
Giving the over view of the national economy, he said that GDP growth was recorded at** 4.1 percent** during last 6 months as agri-sector posted 2 percent growth against 1.4 percent of same period of last year .
Dar said that industrial sector grew by 5.4 percent during the period under review as compared to 2.5 percent of same period last year adding that services sector posted 4.5 growth as compared to first six months of last year.
He said that the government in next three years has planed to increase GDP growth targets of 4 percent plus, 5 percent plus and 6 percent plus respectively.
The minister said that IMF earlier had projected 3.1 GDP percent but now it has revised it to 3.3 percent while “we are projecting it to 4 percent during the current financial year”.
Inflation during the last 10 months have register at 8.7 percent but IMF has projected the inflation at **10 percent **in its second review whoever, it would further bring down to 9 percent, he added.
He hoped that by the end of the current financial year inflation would be further brought down to 8.8 percent.
The Minster said that during the review meeting, the Fund has recognized that inflation in Pakistan has come down, GDP growth has increased and both sides has consensus on State Bank monetary policy which is the major tool for controlling the inflation.
Dar said that on balance of payment side, IMF has said that net international reserves (NIR) of the country have over performed, while its capital advocacy is also going up.
He added that on banking sector, the Fund has also observed that non- performing loans have been decreased, while the fiscal deficit would remain below 6 percent by the closing of the current fiscal.
Revenue collection also posted **15 percent growth **during last 10 months and reached at **Rs.1745 billion as compared to Rs 1509 billion **collected during same period of last year.
The minister said that government has provided Rs 232 billion subsidy for the life line users and vulnerable section of society using 200-300 units of electricity during the current fiscal year.
Ishaq Dar said that government was determined to add about **10,000 MW **of electricity in the nation grid during next 4 years to overcome the energy shortages as well as to promote agriculture, industrial and social sector in the country.
The government was also working on the import of LNG adding that work on import of LNG would be completed by 2015 which would help in gas supply for industrial sector.
He said that the government has already launched converting of electricity generating plants at Jamsharo from furnace oil to coal while other Independent power Producers were also directed to convert thier units in cheap fuel to provide affordable electricity to consumers.
He said that special attention were also paid in oil and gas exploration sector as **43 new blocks **were awarded adding that crud oil production has reached **92,000 barrel **as compared to 72,000 barrel of last year.
The Finance Minister reiterated his commitment to build foreign exchange reserves to US $ 15 billion by September 31, 2014.
**Ishaq Dar said that till May 9, 2014, the foreign exchange reserves has reached to about US $ 13 billion.
**
Speaking on the occasion, Jeffry Franks said that IMF mission held constructive discussions with government and central bank officials on the economic performance under the EFF programme and was encouraged by the overall progress made in pushing ahead with policies to strengthen macroeconomic stability and reviving investment and growth.
He added that the mission reached staff-level understandings with the authorities on a set of economic policies detailed in an updated Memorandum of Economic and Financial Policies, he added.
"Economic indicators are generally improving, with growth gaining momentum, external finance improving, and credit to the private sector rising.
However, core and headline inflation are also rising", he remarked.
He said that led by large scale manufacturing and service sectors, GDP will expand by 3.3 percent in FY 2013/14, accelerating further to reach 4 percent next year.
An improvement in the balance of payments situation along with the authorities’ efforts to build up reserves are yielding tangible gains in increasing SBP reserves and stabilizing sentiment in the foreign exchange market, he added.
"The authorities’ reform program remains broadly on track. They have met all end-March 2014 performance criteria with the exception of the target on Net Domestic Assets of the central bank, which was missed by a small margin.
The indicative target on social transfers to the poor under the Benazir Income Support Program (BISP) was also met", he added.
Franks said that the mission welcomes the government’s efforts to deepen its support to the poor through the BISP program, and the commitment to ensure timely payments to 4.7 million eligible families.
“Fiscal performance was strong during the first nine months of the year, but the government recognizes an emerging revenue shortfall in April and is committed to taking the necessary compensatory actions to assure attainment of the end-year deficit target”, he added.
Decisive efforts to broaden the tax net and develop a more efficient and equitable tax system with adequate enforcement mechanism remain essential to provide the necessary resources to infrastructure and other critical areas such as health and education, he added.
The mission urged the SBP to remain vigilant on recent inflationary pressures in their monetary policy decisions, while continuing their ambitious program to rebuild reserves. For FY 2014-15, the authorities should target an additional reduction in inflation towards their medium-term goal of 6-7 percent.
He said that the mission recognizes the authorities’ determination to pursue agreed structural reforms to enhance medium term growth prospects.
Two of three structural benchmarks for this review were met, including the structural benchmark on tax administration and the benchmark on the audit of the National Electric Power Regulatory Authority (NEPRA).
However, the benchmark on hiring privatization advisers was only partially met.
In the energy sector, the mission urged the authorities to continue implementation of the National Energy Policy to increase energy supply while improving the financial health of the system, he added.
He said that the mission supports the government’s ambitious privatization agenda and encourages stronger reform efforts in loss-making companies remaining in the public sector to improve resource allocation and limit poor performance.
The authorities are also preparing trade policy and business climate reforms which will improve investment and economic growth.
Re: Appreciation from WB & IMF : Ishaq Dar
what an endorsement, I hope they strived as much to get the same endorsement from the public.
Re: Appreciation from WB & IMF : Ishaq Dar
koi Imran Khan Sb aur PTI walo ko b btae yh ja kr jo D-Chowk mein bethe Rangbazi lga rhe hein .... 
Re: Appreciation from WB & IMF : Ishaq Dar
what was the target growth rate this year and what was achieved?
Re: Appreciation from WB & IMF : Ishaq Dar
A lot of copy paste stuff in praise of a munshi, who is nothing more than a champion number fudger.
IMF and World bank are happy because their demands are being met hook line and sinker. They are happy because they get bloated interest rates from cornered countries like Pakistan, that have loan happy finance ministers. Currently, all of the loans received this year have gone towards paying off previous loans. Ishaq Dar has again begun cooking books by claiming loan money to be a part of forex reserves, misleading the public into thinking that the govt owns this money.
And we all know that the govt got a $6.3 billion loan from IMF on IMF terms. And we all know that they will receive half a billion or so every 3 months or so for a period of 3 years(the tenure of the loan). Repeating the same news every 3 months is not going to make it an accomplishment.
Re: Appreciation from WB & IMF : Ishaq Dar
what was the target growth rate this year and what was achieved?
Target was 4.4% but they will achieve approx. 4.0% by the end of this fiscal year (June 2014)
Re: Appreciation from WB & IMF : Ishaq Dar
A lot of copy paste stuff in praise of a munshi, who is nothing more than a champion number fudger.
IMF and World bank are happy because their demands are being met hook line and sinker. They are happy because they get bloated interest rates from cornered countries like Pakistan, that have loan happy finance ministers. Currently, all of the loans received this year have gone towards paying off previous loans. Ishaq Dar has again begun cooking books by claiming loan money to be a part of forex reserves, misleading the public into thinking that the govt owns this money.
And we all know that the govt got a $6.3 billion loan from IMF on IMF terms. And we all know that they will receive half a billion or so every 3 months or so for a period of 3 years(the tenure of the loan). Repeating the same news every 3 months is not going to make it an accomplishment.
Macroeconomic Indicators .... buh takt hud tk theek arhe h ... whole world is saying.
KPK m kon sa teer maar liya hai 1 yr. mai PTi Govt. ne ... just enlighten us !
Re: Appreciation from WB & IMF : Ishaq Dar
Target was 4.4% but they will achieve approx. 4.0% by the end of this fiscal year (June 2014)
Did you, as usual, forget to factor inflation, which has actually grown? Real growth rate would certainly fall further once that is taken into account.
Re: Appreciation from WB & IMF : Ishaq Dar
Macroeconomic Indicators .... buh takt hud tk theek arhe h ... whole world is saying.
KPK m kon sa teer maar liya hai 1 yr. mai PTi Govt. ne ... just enlighten us !
Who cares about the whole world? What matters is the person on the street. What impact has billions of dollars in loan had on the normal person's life? What impact has the dollar devaluation had on his life? What impact has the exploding stock market had on his life? PMLN is repeating dreadful scenarios from 1993 and 1999. In 1993, they bankrupted 2 banks, and forced NBP to declare its first ever loss. In 1999, thanks to excessive borrowing, Pakistan was weeks away from a default when NS was ousted.
Regarding KPK, you will perhaps not find anything similar to what PMLN is doing in Punjab, er, Lahore, or at the federal level. You will not find them spending blindly in infrastructure against heavy borrowing. You will though find them investing resources in strengthening institutions, like police, education and healthcare. Considering the condition KPK was in compared to Punjab as of last year, KPK seems to be eons ahead to be honest.
Re: Appreciation from WB & IMF : Ishaq Dar
^^ is lye forward blocks bn rhe h and corrupt ministers ki chutti ho rhi h 
Re: Appreciation from WB & IMF : Ishaq Dar
Did you, as usual, forget to factor inflation, which has actually grown? Real growth rate would certainly fall further once that is taken into account.
Let us allow Planning Commission and Federal Bureau of Statistics to do all these calculations at the end of June instead doing this on GS !
Re: Appreciation from WB & IMF : Ishaq Dar
Corrupt ministers ki chutti means there is accountability. Unlike Punjab or Fed, where kings rule is enforced, and unilateral decisions are made without any accountability.
Few months ago, a SBP bigwig was fired because he refused to craft numbers the way Ishaq Dar told him to. Ishaq Dar has a history of number manipulation, no secrets there. Pakistan was even fined by the IMF back in the 90s for cooking the books. If you are expecting the FBS to come up with clean numbers, or anything that is not favorable to the govt, you are mistaken.
Re: Appreciation from WB & IMF : Ishaq Dar
**^^ typical IK mentality … siraf mein sahi baqi sb chor aur dhoke baaz
GEO , Iftikhar Chaudry , Justice Fakhru , Najam Sethi , NS , SS , Umar Cheema , ECP **…:halo:
Re: Appreciation from WB & IMF : Ishaq Dar
When debating on these forums, people generally tend to investigate numbers and reports on their own, rather than copy and paste stuff that Rana Sanaullah or Saad Rafique says. I realize you are the copy-paste king of raiwind, but once in a while, it makes sense to actually have something to back up your claims, rather than retort with bright stuff such as the above.
Re: Appreciation from WB & IMF : Ishaq Dar
Target was 4.4% but they will achieve approx. 4.0% by the end of this fiscal year (June 2014)
Even if govt manage to get anything between 3 or 3.5% that means the inflation shall stay at 9 or above...?
Re: Appreciation from WB & IMF : Ishaq Dar
Re: Appreciation from WB & IMF : Ishaq Dar
Think-tank sees 6pc growth rate next year - Newspaper - DAWN.COM