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

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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, (USA: International Monetary Fund, 2024) accessed November 21, 2024

Summary

Recent developments. Following the 2022 floods and the acute financial pressures earlier in the year, economic activity has stabilized and inflation has begun to gradually decline on the back of strong policy adjustment. External pressures have eased somewhat since June, and the SBP has taken advantage of renewed inflows to begin rebuilding foreign exchange (FX) reserves. Fiscal performance has also improved, with the general government achieving a primary surplus in FY24Q1. Despite this welcome progress, the outlook is still challenging, and downside risks remain exceptionally high.

Subject: 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

Publication Details

Pages:

94
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2024/017
Stock No:

1PAKEA2024001
ISBN:

9798400265778
ISSN:

1934-7685

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