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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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