Pakistan: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Pakistan

International Monetary Fund

No 2019/212, IMF Staff Country Reports from International Monetary Fund

Abstract: Pakistan’s economy is at a critical juncture. Misaligned economic policies, including large fiscal deficits, loose monetary policy, and defense of an overvalued exchange rate, fueled consumption and short-term growth in recent years, but steadily eroded macroeconomic buffers, increased external and public debt, and depleted international reserves. Structural weaknesses remained largely unaddressed, including a chronically weak tax administration, a difficult business environment, inefficient and loss making SOEs, and low labor productivity amid a large informal economy. Without urgent policy action, economic and financial stability could be at risk, and growth prospects will be insufficient to meet the needs of a rapidly growing population.

Keywords: ISCR; CR; government; letter of credit; fund letters of credit; approval; Pakistani authorities; economic reform program; overvalued exchange rate; deficit monetization; Budget planning and preparation; Global; Asia and Pacific (search for similar items in EconPapers)
Pages: 96
Date: 2019-07-08
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