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

Preview Citation

Format: Chicago

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, (USA: International Monetary Fund, 2014) accessed September 23, 2024

Summary

This paper provides an update on economic and policy developments in Pakistan since the issuance of the IMF staff report on December 11, 2013. Gross official reserves were US$3.4 billion as of December 16, 2013, in line with IMF staff projections. The State Bank of Pakistan purchased an additional US$75 million on top of the US$200 reported in the staff report in the foreign exchange spot market as part of the continued effort to build reserves. The exchange rate rebounded slightly and was down some 8 percent against the dollar since the end of June. Headline inflation reached 10.9 percent year over year in November from 9.1 percent in October. This is in line with IMF staff projections and mainly reflects food price increases.

Subject: Banking, Central banks, Economic sectors, External debt, International reserves, Public debt, Public sector, Revenue administration

Keywords: Balance of payments pressure, Core inflation, CR, EFF arrangement, Executive board's discussion, Global, Inflation expectation, International reserves, ISCR, Package, Policy rate increase, Public sector, Reserves purchase, SBP intervention, Taxpayer

Publication Details

Pages:

89
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/001
Stock No:

1PAKEA2014001
ISBN:

9781484339244
ISSN:

1934-7685

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