Pakistan: First Review Under the Stand-by Arrangement, Requests for Waivers of Applicability of Performance Criteria, Modification of Performance Criteria, and for Rephasing of Access—Press Release; Staff Report; and Statement by the Executive Director for Pakistan
IMF Staff Country Reports, January 19, 2024
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- Pakistan: First Review Under the Stand-by Arrangement, Requests for Waivers of Applicability of Performance Criteria, Modification of Performance Criteria, and for Rephasing of Access—Press Release; Staff Report; and Statement by the Executive Director for Pakistan
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Bibliographic details
- Published: January 19, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400265778.002
Overview
- Paper discusses Pakistan’s First Review under the Stand-By Arrangement, Requests for Waivers of Applicability of Performance Criteria, Modification of Performance Criteria, and for Rephasing of Access.
- Economic activity has stabilized in Pakistan, although the outlook remains challenging and dependent on the implementation of sound policies.
- Timely and consistent implementation of program policies remains critical, with no room for slippage.
Major Findings and Current Conditions
- Economic activity has stabilized in Pakistan.
- The outlook remains challenging and dependent on the implementation of sound policies.
- Continued timely and consistent implementation of program policies remains critical, with no room for slippage.
- Strict adherence to fiscal targets, while protecting development needs and strengthening the social safety net, is essential to alleviate pressures and place debt on a downward path.
Policy Recommendations and Program Requirements
- Strict adherence to fiscal targets.
- Protect social spending and development needs while meeting fiscal targets.
- Maintain a market-determined exchange rate to absorb external shocks.
- Accelerate reforms of state-owned enterprises and of the governance framework, including safeguards for the newly created Sovereign Wealth Fund, to strengthen the business environment, investment, and job creation.
- Further progress on structural reforms to support stronger and more inclusive growth.
Risks and Implementation Imperatives
- No room for slippage in program implementation.
- The success of the program and stabilization hinges on timely and consistent implementation of agreed policies.
- A market-determined exchange rate is required to absorb external shocks.
Publication and Key Statistics
- Publication date: January 19, 2024
- Pages: 94
- Volume: 2024
- Issue: 017
- Series: Country Report No. 2024/017
- DOI: https://doi.org/10.5089/9798400265778.002
- Stock No: 1PAKEA2024001
- ISBN: 9798400265778
- ISSN: 1934-7685
- Subjects: Economic sectors, External debt, Fiscal policy, Fiscal stance, International organization, Monetary policy, Public debt, Public sector, Tariffs, Taxes
- Keywords: customs data, Fiscal stance, Global, net foreign currency swap, Pakistan Muslim League-Nawaz, Pakistani authorities, Public sector, SBP purchase, staff appraisal, Tariffs
Pakistan: First Review Under the Stand-by Arrangement, Requests for Waivers of Applicability of Performance Criteria, Modification of Performance Criteria, and for Rephasing of Access—Press Release; Staff Report; and Statement by the Executive Director for Pakistan, January 19, 2024.
Content in this bundle
- 1pakea2024001