{
  "title": "Pakistan: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Pakistan",
  "publication": "IMF Staff Country Reports, July 8, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/07/08/pakistan-request-for-an-extended-arrangement-under-the-extended-fund-facility-press-release-47092",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2019/07/08/pakistan-request-for-an-extended-arrangement-under-the-extended-fund-facility-press-release-47092",
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  "summary": "Pakistan’s economy is at a critical juncture. Misaligned economic policies, including large fiscal deficits, loose monetary policy, and defense of an overvalued exchange rate, fueled consumption and short-term growth in recent years, but steadily eroded macroeconomic buffers, increased external and",
  "sections": [
    {
      "heading": "Economic assessment and current juncture",
      "content": "- Pakistan’s economy is at a critical juncture.\n- Misaligned economic policies in recent years included:\n  - large fiscal deficits\n  - loose monetary policy\n  - defense of an overvalued exchange rate\n- These policies:\n  - fueled consumption and short-term growth\n  - steadily eroded macroeconomic buffers\n  - increased external and public debt\n  - depleted international reserves\n- Without urgent policy action, economic and financial stability could be at risk, and growth prospects will be insufficient to meet the needs of a rapidly growing population."
    },
    {
      "heading": "Structural weaknesses",
      "content": "- Structural weaknesses remained largely unaddressed:\n  - a chronically weak tax administration\n  - a difficult business environment\n  - inefficient and loss making SOEs\n  - low labor productivity amid a large informal economy"
    },
    {
      "heading": "Fiscal and macro-financial implications",
      "content": "- Policy mix described above led to:\n  - erosion of macroeconomic buffers\n  - increased external and public debt\n  - depleted international reserves\n- Identified subject areas in the report include:\n  - Budget planning and preparation\n  - Expenditure\n  - External debt\n  - Public debt\n  - Public financial management (PFM)\n  - Revenue administration"
    },
    {
      "heading": "Keywords and focus areas from the publication",
      "content": "- approval\n- Asia and Pacific\n- Budget planning and preparation\n- CR\n- deficit monetization\n- economic reform program\n- fund letters of credit\n- Global\n- government\n- ISCR\n- letter of credit\n- overvalued exchange rate\n- Pakistani authorities\n\n---\n\n Content in this bundle\n\n- 1pakea2019001\n  - 1pakea2019001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1pakea2019001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 8, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498324496.002",
    "Pakistan’s economy is at a critical juncture.",
    "Misaligned economic policies in recent years included:",
    "These policies:",
    "Without urgent policy action, economic and financial stability could be at risk, and growth prospects will be insufficient to meet the needs of a rapidly growing population.",
    "Structural weaknesses remained largely unaddressed:",
    "Policy mix described above led to:",
    "Identified subject areas in the report include:",
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    "Asia and Pacific",
    "CR",
    "deficit monetization",
    "economic reform program",
    "fund letters of credit",
    "Global",
    "government",
    "ISCR",
    "letter of credit",
    "overvalued exchange rate",
    "Pakistani authorities",
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