Pakistan: Staff Report for the 2015 Article IV Consultation, Ninth Review Under the Extended Arrangement, Request for Waivers of Nonobservance of Performance Criteria, and Request for Modification of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Pakistan
January 12, 2016
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This 2015 Article IV Consultation highlights that starting from a difficult position in 2013, Pakistan has made substantial progress in reducing near-term economic vulnerabilities. Economic growth gradually increased from 3.7 percent in FY2012/13 to 4.2 percent in FY2014/15. During the same period, efforts to reduce power subsidies and raise tax revenue have lowered the budget deficit from 8.4 to 5.4 percent of GDP, although part of this adjustment reflected clearance of quasi-fiscal liabilities in the energy sector in 2013. In the medium term, growth is expected to reach about 5.5 percent, and inflation is expected to gradually rebound to the State Bank of Pakistan’s target of mid-single digits.
Subject: Banking, Economic sectors, Energy sector, External debt, Public debt, Public sector, Revenue administration
Keywords: Central Asia, CR, discussion of Pakistan, Energy sector, executive board's decision, Global, inflation expectation, ISCR, Middle East, Middle East and Central Asia, monetary policy, monetary policy transmission, North Africa, Pakistani authorities, procedure, Public sector, SBP Act, short-term debt, South Asia
Pages:
117
Volume:
2016
DOI:
Issue:
001
Series:
Country Report No. 2016/001
Stock No:
1PAKEA2016001
ISBN:
9781513557007
ISSN:
1934-7685
