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Pakistan’s economic activity on path of recovery: IMF
  • Finance

Pakistan’s economic activity on path of recovery: IMF

February 15, 2020December 16, 2021

ISLAMABAD: International Monetary Fund (IMF) on Friday said that Pakistan’s economic activity has stabilized and remains on the path of gradual recovery.

An IMF mission, led by Ernesto Ramirez Rigo, visited Islamabad during February 3-13, to initiate discussions on the second review of the authorities’ economic reform program supported under the Extended Fund Facility (EFF) arrangement, said a press release issued by the IMF.

At the conclusion of the visit, Ramirez Rigo made the following statement:

“The IMF staff team had constructive and productive discussions with the Pakistani authorities and commended them on the considerable progress made during the last few months in advancing reforms and continuing with sound economic policies.

“The mission and the authorities made significant progress in the discussions on policies and reforms. In the coming days progress will continue to pave the way for the IMF Executive Board’s consideration of the review.

“The macroeconomic outlook remains broadly as expected at the time of the first review. The current account deficit has declined, helped by the real exchange rate that is now broadly in line with fundamentals, while international reserves continue to rebuild at a pace considerably faster than anticipated.

“Inflation should start to see a declining trend as the pass-through of exchange rate depreciation has been absorbed and supply-side constraints appear to be temporary.

“Fiscal performance in the first half of the fiscal year remained strong, with the general government registering a primary surplus of 0.7 percent of GDP on the back of strong domestic tax revenue growth. Development and social spending have been accelerated.”

Tags current account deficitIMFInternational Monetary Fund
Mrs. Anjum Shahnawaz

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Previous PostFiscal deficit narrows at 2.3% in first half 2019/2020
Next PostFiscal reforms to help Pakistan generate funding to meet SDGs targets: IMF official

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