Pakistan: Staff Report for the 2015 Article IV Consultation, Ninth Review Under the Extended Arrangement, Request for Waivers of Nonobservance of Performance Criteria, and Request for Modification of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Pakistan

IMF Staff Country Reports, January 12, 2016

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Pakistan: Staff Report for the 2015 Article IV Consultation, Ninth Review Under the Extended Arrangement, Request for Waivers of Nonobservance of Performance Criteria, and Request for Modification of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Pakistan

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Bibliographic details

• Published: January 12, 2016
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781513557007.002

Executive summary and progress

• Starting from a difficult position in 2013, Pakistan has made substantial progress in reducing near-term economic vulnerabilities.
• Economic growth gradually increased from 3.7 percent in FY2012/13 to 4.2 percent in FY2014/15.
• Efforts to reduce power subsidies and raise tax revenue contributed to lowering the budget deficit from 8.4 to 5.4 percent of GDP; part of this adjustment reflected clearance of quasi-fiscal liabilities in the energy sector in 2013.

Macroeconomic outlook and projections

• Medium-term growth is expected to reach about 5.5 percent.
• Inflation is expected to gradually rebound to the State Bank of Pakistan’s target of mid-single digits.

Fiscal and sectoral developments highlighted

• Actions taken:
  • Reduction of power subsidies.
  • Measures to raise tax revenue.
  • Clearance of quasi-fiscal liabilities in the energy sector in 2013 (noted as contributing to part of the fiscal adjustment).
• Fiscal outcome:
  • Budget deficit reduced from 8.4 percent of GDP to 5.4 percent of GDP over the referenced period.

Report metadata and scope

• Subject areas: Banking, Economic sectors, Energy sector, External debt, Public debt, Public sector, Revenue administration
• Keywords listed: Central Asia, CR, discussion of Pakistan, Energy sector, executive board's decision, Global, inflation expectation, ISCR, Middle East, Middle East and Central Asia, monetary policy, monetary policy transmission, North Africa, Pakistani authorities, procedure, Public sector, SBP Act, short-term debt, South Asia
• Publication Details:
  • Pages: 117
  • Volume: 2016
  • Issue: 001
  • Series: Country Report No. 2016/001
  • DOI: https://doi.org/10.5089/9781513557007.002
  • Stock No: 1PAKEA2016001
  • ISBN: 9781513557007
  • ISSN: 1934-7685
  • Publication date on page: January 12, 2016

Staff Report for the 2015 Article IV Consultation and Ninth Review under the Extended Arrangement for Pakistan (IMF Staff Country Report 2016/001).

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