ISLAMABAD, Oct 29: Pakistan has met the performance criteria set by the IMF under the PRGF programme and now the improved macro-economic situation is expected to help the government achieve higher growth, create more jobs and considerably reduce poverty.

“The review of Pakistani economy has successfully been completed by the IMF and that is why the fund officials approved two tranches of $247.5 million on Monday last,” Finance Minister Shaukat Aziz told Dawn.

According to him, the government hopes to receive the new IMF funding out of the $1.5 billion Poverty Reduction Growth Facility (PRGF) programme within next few days.

The IMF board, he said, has hailed the improved economic conditions in Pakistan and that its officials are very much satisfied with the consistent improvement in every sector of the economy.

“We are now well on way towards the last year of the PRGF as the government has made up its mind not to seek any fresh funding from the IMF,” Mr Aziz added.

“The continuous improvement in our economy proves that we are very much on track,” the finance minister said, adding that the government is very much aware of its challenges, specially those relating to poverty and unemployment.

He said the government had been spending huge funds to check poverty, specially in rural areas. The country needs to achieve better industrial growth to provide more jobs to the people, he said.

Small and medium enterprises are also being strengthened to help create more job opportunities for the unemployed youth, he said.