Pakistan: 2013 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility
IMF Staff Country Reports, September 12, 2013
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- Pakistan: 2013 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility
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Bibliographic details
- Published: September 12, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484379615.002
Overview
- IMF staff report covering Pakistan’s 2013 Article IV Consultation and Request for an Extended Arrangement under the Extended Fund Facility (EFF).
- Focuses on macroeconomic policies to address vulnerabilities and reforms to promote robust inclusive growth.
- Notes the authorities’ program aim to reverse the existing mix of large fiscal deficits, accommodative monetary policy, and low reserve coverage, which provides few buffers to absorb shocks.
Key findings and vulnerabilities
- The authorities face a combination of large fiscal deficits, accommodative monetary policy, and low reserve coverage.
- These conditions provide few buffers to absorb shocks and increase macroeconomic vulnerability.
- Policy discussions center on macroeconomic stabilization and structural reforms to promote inclusive growth.
Program request and parameters
- The authorities have requested a 36-month extended arrangement under the Extended Fund Facility (EFF) for SDR 4.393 billion.
Policy directions emphasized
- Fiscal consolidation to reduce large fiscal deficits.
- Monetary policy adjustment to move away from an accommodative stance.
- Measures to rebuild reserve coverage to enhance shock absorption.
- Structural reforms to promote robust inclusive growth.