Pakistan: First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), and Request for Waiver and Modification of Performance Criteria
IMF Staff Country Reports, April 17, 2002
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- Pakistan: First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), and Request for Waiver and Modification of Performance Criteria
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Bibliographic details
- Published: April 17, 2002
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451830446.002
Summary
- This paper evaluates Pakistan’s First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and a Request for Waiver and Modification of Performance Criteria.
- Developments in October 2001–January 2002 indicate satisfactory progress towards the program’s macroeconomic objectives, although growth prospects had to be scaled down and tax revenue was lower than targeted.
- All but two quantitative and structural performance criteria for end-December 2001 were met.
- The authorities are taking corrective measures that should deliver the revised macroeconomic targets for 2001/02 provided regional tensions ease in the near future.
Key Findings and Developments (October 2001–January 2002)
- Progress toward program macroeconomic objectives: satisfactory.
- Growth prospects: scaled down (no numeric growth projection provided in source).
- Tax revenue: lower than targeted (no numeric shortfall provided in source).
- Performance criteria: all but two quantitative and structural criteria for end-December 2001 met.
- Authorities’ response: corrective measures in place aimed at delivering revised macroeconomic targets for 2001/02, conditional on easing regional tensions.
Policy Actions and Implications
- Authorities are implementing corrective measures to restore alignment with revised macroeconomic targets for 2001/02.
- Delivery of the program’s revised targets remains contingent on regional tensions easing in the near future.
Subject Areas and Keywords
- Subject areas: Banking, Economic sectors, Expenditure, External debt, Public debt, Public sector, Revenue administration.
- Keywords: CR, development expenditure, Global, government, ISCR, outlay, PRGF loan, Public sector, reconciliation process, reform strategy, South Asia, staff appraisal, strategy.