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

July 8, 2019

Preview Citation

Format: Chicago

Pakistan: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Pakistan, (USA: International Monetary Fund, 2019) accessed December 30, 2024

Summary

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.

Subject: Budget planning and preparation, Expenditure, External debt, Public debt, Public financial management (PFM), Revenue administration

Keywords: Approval, Asia and Pacific, Budget planning and preparation, CR, Deficit monetization, Economic reform program, Fund letters of credit, Global, Government, ISCR, Letter of credit, Overvalued exchange rate, Pakistani authorities

Publication Details

Pages:

96
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/212
Stock No:

1PAKEA2019001
ISBN:

9781498324496
ISSN:

1934-7685

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