Pakistan: Third Review Under the Stand-By Arrangement and Request for Waiver of Performance Criterion

International Monetary Fund

No 2001/178, IMF Staff Country Reports from International Monetary Fund

Abstract: Pakistan showed commendable performance under the Stand-By Arrangement. Executive Directors noted the substantial progress in the structural reforms, but expressed concerns about the slippage in revenue performance, and heavy foreign exchange intervention in the kerb market to meet the reserves' program targets. They stressed the need to build foreign exchange reserves, improve monetary and exchange rates, liberalize the foreign exchange interbank market, improve governance, and strengthen the financial system. They agreed that Pakistan has successfully completed the third review under the Stand-By Arrangement, and approved a waiver.

Keywords: ISCR; CR; reform priority; kerb market; Pakistan's achievement; SDR; foreign exchange interbank market; FDI inflow; reserves of the State Bank of Pakistan; net reserve; Income and capital gains taxes; Correspondent banking; Global; Middle East; Europe; Asia and Pacific (search for similar items in EconPapers)
Pages: 58
Date: 2001-10-05
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