Pakistan: Eighth Review Under the Extended Arrangement and Request for Waivers of Nonobservance of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Pakistan

IMF Staff Country Reports, October 6, 2015

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Canonical URL: Pakistan: Eighth Review Under the Extended Arrangement and Request for Waivers of Nonobservance of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Pakistan

Two end-June 2015 quantitative performance criteria (PCs) were missed.
Three end-June 2015 indicative targets were missed.
Missed targets and deviations were described as either minor or temporary and corrective actions have been taken as needed.
The authorities remain on track to meet the end-September 2015 program targets.
Monetary performance criteria were met.
The PCs on the fiscal deficit and government borrowing from the central bank were missed.
The end-September structural benchmark (SB) to improve the central bank’s interest corridor was met ahead of time.
The end-November structural benchmark (SB) to enact the Credit Bureau Bill was met ahead of time.

Quantitative targets:
- Two end-June 2015 quantitative PCs: missed (deviations described as minor or temporary).
- Three end-June 2015 indicative targets: missed (deviations described as minor or temporary).
Monetary framework:
- Program monetary PCs: met.
Fiscal outcomes:
- Fiscal deficit PC: missed.
- Government borrowing from the central bank PC: missed.
Structural benchmarks:
- End-September SB (improve central bank’s interest corridor): met ahead of time.
- End-November SB (enact Credit Bureau Bill): met ahead of time.

Corrective actions: Corrective actions have been taken where needed in response to missed PCs and indicative targets.
Program outlook:
- Authorities remain on track to meet the end-September 2015 program targets.