Pakistan Resident Representative Site
Resident Representative Office in Pakistan
This web page provides information on the activities of the Office, views of the IMF staff, and the relations between Pakistan and the IMF. Additional information can be found on Pakistan and IMF country page, including official IMF reports and Executive Board documents in English that deal with Pakistan.
An International Monetary Fund (IMF) staff mission, led by Mr. Jeffrey Franks, met with the Pakistan authorities in Dubai from February 1-9, 2014 for discussions on the second review of Pakistan’s IMF-supported program under the Extended Fund Facility (EFF) approved by the Executive Board of the IMF on September 4, 2013.
IMF Executive Board Completes First Review Under the Extended Fund Facility Arrangement for Pakistan and Approves US$553.3 Million Disbursement
On November 8, IMF staff and the government of Pakistan successfully concluded discussions for the first review of the IMF arrangement in support of the government’s economic reform agenda. The IMF board will now review Pakistan’s performance and be in a position to authorise the second disbursement in late December.
An International Monetary Fund (IMF) mission, led by Mr. Jeffrey Franks, visited Pakistan during October 28-November 8, 2013 to conduct discussions on the first review of Pakistan’s IMF-supported program under the Extended Fund Facility (EFF). The mission met with senior officials from the Ministry of Finance and the State Bank of Pakistan (SBP). The mission also met with representatives of banks, private sector, and donors.
Pakistan and The IMF
Transcript of a Press Briefing by William Murray, Deputy Spokesman, Communications Department, International Monetary Fund
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
January 3, 2014
Series: Country Report No. 14/1
Press Release: IMF Executive Board Completes First Review Under the Extended Fund Facility Arrangement for Pakistan and Approves US$553.3 Million Disbursement
Transcript of a Press Briefing by Gerry Rice, Director, Communications Department, International Monetary Fund
Regional Economic Outlook: Middle East and Central Asia
The near-term economic outlook for the Middle East and North Africa region has weakened. In the oil-importing countries, many of which are Arab countries in transition, regional conflict, heightened political tensions, and delays in reforms continue to weigh on growth. In this context, the immediate policy priorities are to restore confidence and create jobs, make inroads into fiscal consolidation to restore debt sustainability and rebuild buffers, and embark on structural reforms needed to support private sector-led, job-intensive growth. Most oil-exporting countries continue to enjoy steady growth in the non-oil sector, supported in part by high levels of public spending. Although headline growth has declined because of domestic oil supply disruptions and lower global demand, a recovery in oil production is expected to lift growth next year. Increased vulnerability to a sustained decline in oil prices and intergenerational equity considerations underscore the need for countries to strengthen their fiscal buffers. Key medium-term challenges remain economic diversification and faster private-sector job-creation for nationals.
Economic activity in the Caucasus and Central Asia (CCA) is expected to continue expanding rapidly, with the CCA remaining among the fastest-growing regions in the world. Growth will be driven by a recovery in the hydrocarbon sector and firm growth in domestic demand, supported in part by stable remittance inflows. Considerable downside risks weigh on this outlook, however, stemming in particular from slower-than-expected growth in Russia, an important trading partner and source of remittance inflows. CCA economies should take advantage of the favorable near-term economic conditions to rebuild fiscal policy buffers that were eroded after the global crisis. In some cases, more exchange rate flexibility would help increase resilience to unanticipated shocks while supporting competitiveness. The positive near-term outlook is also an opportunity to strengthen policy frameworks and set in motion a process of structural transformation into dynamic emerging economies.