Pakistan: Staff Report for the First Review Under the Extended Arrangement Under the Extended Fund Facility, Request for Waiver of Nonobservance of a Performance Criterion and Modification of Performance Criteria

International Monetary Fund

No 2014/001, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper provides an update on economic and policy developments in Pakistan since the issuance of the IMF staff report on December 11, 2013. Gross official reserves were US$3.4 billion as of December 16, 2013, in line with IMF staff projections. The State Bank of Pakistan purchased an additional US$75 million on top of the US$200 reported in the staff report in the foreign exchange spot market as part of the continued effort to build reserves. The exchange rate rebounded slightly and was down some 8 percent against the dollar since the end of June. Headline inflation reached 10.9 percent year over year in November from 9.1 percent in October. This is in line with IMF staff projections and mainly reflects food price increases.

Keywords: ISCR; CR; package; EFF arrangement; core inflation; executive board's discussion; taxpayer; reserves purchase; balance of payments pressure; policy rate increase; inflation expectation; SBP intervention; Public sector; International reserves; Global (search for similar items in EconPapers)
Pages: 89
Date: 2014-01-03
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=41183 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2014/001

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().