Pakistan: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Pakistan

December 23, 2019

Preview Citation

Format: Chicago

Pakistan: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Pakistan, (USA: International Monetary Fund, 2019) accessed December 21, 2024

Summary

This paper discusses Pakistan’s First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria. Pakistan’s program is on track and has started to bear fruit. However, risks remain elevated. Strong ownership and steadfast reform implementation are critical to entrench macroeconomic stability and support robust and balanced growth. The authorities are committed to sustaining the progress on fiscal adjustment to place debt on a downward path. The planned reforms include strengthening tax revenue mobilization, including the elimination of tax exemptions and loopholes, and prudent expenditure policies. Preparations for a comprehensive tax policy reform should start early to ensure timely implementation. The authorities have adopted a comprehensive plan to address the accumulation of arrears in the power sector. Its full implementation is key to improve collection, reduce losses, and enhance governance. Timely and regular adjustment of energy tariffs will bring the sector in line with cost recovery.

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

Keywords: Asia and Pacific, Budget planning and preparation, CR, Economic reform reform program, Exchange rate, Global, Government, Government effort, Implementation, ISCR, Pakistani authorities, Private sector investment, Reform implementation, Reform of the state-owned enterprise sector, SDR, Tariffs

Publication Details

Pages:

91
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/380
Stock No:

1PAKEA2019002
ISBN:

9781513523880
ISSN:

1934-7685

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