{
  "title": "News Brief: IMF Completes Second Review Under Pakistan's Stand-By Arrangement",
  "publication": "IMF News, July 11, 2001",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/29/18/03/nb0156",
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  "summary": "The Executive Board completed the second review under Pakistan's Stand-By Arrangement.",
  "authors": [
    "Arrangement News Brief Related Links Pakistan"
  ],
  "publishDate": "2001-07-11",
  "sections": [
    {
      "heading": "Review outcome and financing",
      "content": "- The Executive Board completed the second review under Pakistan's Stand-By Arrangement.\n- Pakistan will be able to draw a further SDR 105 million (about US$131 million).\n- Pakistan has so far drawn SDR 255 million (about US$324.6 million) under the Stand-By.\n- The Stand-By Arrangement was first approved on November 29, 2000 (see Press Release No. 00/64)."
    },
    {
      "heading": "Waivers and performance criteria",
      "content": "- The Executive Board approved waivers for:\n  - performance criteria on tax revenue collection; and\n  - the elimination of interest subsidy element of the export finance scheme under the Arrangement."
    },
    {
      "heading": "Assessment of program performance (statement by Eduardo Aninat, Deputy Managing Director and Acting Chairman)",
      "content": "- Achievements and macroeconomic outcomes:\n  - \"Pakistan's achievements under the program supported by the Stand-By Arrangement have been encouraging.\"\n  - \"The authorities have made a determined effort to implement the program, and most of the program targets have been achieved.\"\n  - \"Inflation has been better than expected, and the budget deficit remains in line with program assumptions.\"\n  - \"Economic activity was somewhat lower than expected because of severe drought, and this has contributed to lower-than-expected tax revenues and a weaker external balance.\"\n  - \"The implementation of important structural reforms has been well on track.\""
    },
    {
      "heading": "Policy challenges and recommendations",
      "content": "- Fiscal policy and tax reform:\n  - Implement the recently announced 2001/02 budget.\n  - The 2001/02 budget includes a package of direct and indirect tax reforms aimed to:\n    - broaden the tax base;\n    - reduce distortions;\n    - strengthen incentives for investment; and\n    - reduce governance problems inherent to the current system.\n  - Planned improvements of tax administration are expected to help boost collections, a key precondition for containing the fiscal deficit while increasing social and development spending.\n- External sector and exchange rate policy:\n  - Achieve targets for foreign exchange reserves.\n  - This will require good coordination of monetary and exchange rate policies and further progress toward a genuinely market-based exchange rate policy.\n- Structural and governance reforms:\n  - Further improve governance in the management of public resources.\n  - Continue restructuring public enterprises.\n  - Strengthen the soundness of the financial system.\n\nSource: IMF News Brief, July 11, 2001.\n\n---\n\n\n References\n\n- Pakistan and the IMF\n- News Briefs\n- Press Release No. 00/64\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/29/18/03/nb0156"
    }
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    "Authors: Arrangement News Brief Related Links Pakistan",
    "Published: July 11, 2001",
    "The Executive Board completed the second review under Pakistan's Stand-By Arrangement.",
    "Pakistan will be able to draw a further SDR 105 million (about US$131 million).",
    "Pakistan has so far drawn SDR 255 million (about US$324.6 million) under the Stand-By.",
    "The Stand-By Arrangement was first approved on November 29, 2000 (see Press Release No. 00/64).",
    "The Executive Board approved waivers for:",
    "Achievements and macroeconomic outcomes:",
    "Fiscal policy and tax reform:",
    "External sector and exchange rate policy:",
    "Structural and governance reforms:",
    "[Pakistan and the IMF](http://www.imf.org/external/country/PAK/index.htm)",
    "[News Briefs](https://www.imf.org/en/news/searchnews)",
    "[Press Release No. 00/64](https://www.imf.org/external/np/sec/pr/2000/pr0064.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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