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Pakistan government tells IMF it does not need its aid

April 26, 2004 - Khaleej Times Online
By our correspondent


http://www.khaleejtimes.com/Displayarticle.asp?section=subcontinent&xfile=data/subcontinent/2004/april/subcontinent_april666.xml

 

ISLAMABAD - Pakistan has formally told the International Monetary Fund (IMF) that it will no more need the Fund's assistance as its economy is on track to recovery as also to achieve faster growth.

According to a report from Washington, Pakistan's Finance Minister, Shaukat Aziz, met the acting IMF Managing Director, Ann Krueger, in Washington and informed her of Islamabad's decision not to seek further help while thanking the Fund for its 'valuable assistance' in the past.

After the meeting, Mr Aziz told reporters in Washington that having achieved economic sovereignty, Pakistan was bidding farewell to the Fund.

"The Pakistan delegation met the IMF on Friday and told them that this is going to be the last year that we seek Fund's valuable assistance," the finance minister said.

"Pakistan has been able to register successes, as the bulk of its economic programme was homegrown and due to the continuity and consistency in its reforms policies," he added.

Pakistan has been successful in overcoming its 'initial backlog handicaps’ and straighten out its affairs and was moving forward.

The minister said all economic indicators were favourable; there is rapid economic growth; the currency is stable; the national reserves are all time high; exports are growing; interest rates are low; manufacturing, housing and real estate business is thriving while stock exchanges are doing a brisk business.

Mr Shaukat said floating of Euro-Bonds of 500 million dollars in the capital market were over-subscribed by four times.

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