Pakistan : Terrorist Wahabi Islamic Rep Pakistan 7

[Naresh]

.

[url="http://tribune.com.pk/story/473100/imf-says-forex-reserves-below-adequate-levels/"][center][color="#006400"][size="6"]IMF says forex reserves below adequate levels[/size][/color][/center][/url]



ISLAMABAD : The International Monetary Fund (IMF) has warned that [color="#FF0000"]Pakistan’s foreign currency reserves have fallen below adequate levels and the country stands exposed to serious challenges[/color] while urging the government to undertake deep structural reforms.



In a statement issued on Thursday, the IMF said that [color="#FF0000"] the foreign currency reserves, held by the State Bank of Pakistan declined last month to below $10 billion, which is “below adequate levels.”[/color]



It further added that the reserves would deplete to just $7.4 billon by June 2013, [color="#FF0000"]sufficient to meet only two months import bill.[/color]



The statement was issued after the IMF Board concluded discussions and evaluation of the 2008 Stand-By Arrangement with Pakistan.



The statement comes at a time when the Finance Minister Dr Abdul Hafeez Shaikh is in Washington with his team to hold talks with the IMF on a future bailout programme.



The Fund said that Pakistan would miss all of its economic targets, inflation will return to double-digits again, economy will grow a mere 3.2% against a target of 4.5%, budget deficit will widen to 6.4% against a target of 4.7% and the unemployment rate will rise to 8.8%.



Cheers