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Books and Analytical Papers > IMF Staff Country Reports

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Cover IMF Staff Country Reports
Pakistan: 2024 Article IV Consultation and Request for an Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Pakistan
International Monetary Fund. Middle East and Central Asia Dept.
The 2024 Article IV Consultation discusses that Pakistan has taken key steps to restoring economic stability with consistent policy implementation under the 2023–2024 Stand-by Arrangement (SBA). The discussions focused on Pakistan’s medium-term prospects, which helped inform policies and define program objectives. The new government formed after the February elections has continued efforts to strengthen economic conditions and is embarking on a multi-year home-grown reform program to achieve resilient and inclusive economic growth. The program aims to reinforce the authorities’ efforts to bolster policy credibility and entrench stability and accelerate structural reforms to strengthen public finances, improve the provision of critical public services, and create a favorable environment for private-led growth.
Keywords:
reform agenda; SBP's effort; governance arrangement; exchange rate movement; Pakistani authorities; Tariffs; Global
Cover IMF Staff Country Reports
Pakistan: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper focuses on economic performance and the road ahead in Pakistan. Pakistan’s economy and living standards have lagged behind its regional peers for well over a decade. This paper highlights several macroeconomic distortions and policy-related restrictions that have contributed to the country’s underperformance. These include protectionist interventions, a cumbersome regulatory and fiscal environment, and insufficient investment in human capital. In spite of these challenges, there are also many opportunities for Pakistan to achieve efficiency gains, reallocate resources toward more technologically advanced goods and services, and improve productivity and standards of living across the country. Placing Pakistan on a new economic trajectory requires addressing many distortions as well as improving the quality and level of public investment including in human capital. Key reforms centers on removing the remnants of the old growth strategy based around protection, preferences, and concessions. The modeling results in the accompanying Selected Issues suggest that significant macroeconomic gains come from the implementation of such a distortion-reducing reforms agenda.
Keywords:
climate resilience scenario; C. DIGNAR result; DIGNAR model specification; climate adaptation investment in Pakistan; nexus in Pakistan; Structural reforms; Public investment spending; Commercial banks; Government debt management; Global
Cover IMF Staff Country Reports
Pakistan: Second and Final Review Under the Stand-by Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Pakistan
International Monetary Fund. Middle East and Central Asia Dept.
This paper presents Pakistan’s Second and Final Review under the Stand-By Arrangement (SBA). In order to move Pakistan from stabilization to a strong and sustainable recovery the authorities need to continue their policy and reform efforts, including strict adherence to fiscal targets while protecting the vulnerable; a market-determined exchange rate to absorb external shocks; and broadening of structural reforms to support stronger and more inclusive growth. Macroeconomic conditions have improved over the course of the program. The authorities have stabilized the energy sector’s circular debt over the course of the SBA through timely tariff adjustments and enhanced collection efforts. While these actions need to continue, it is also critical that the authorities undertake cost-side reforms to address the sector’s underlying issues and viability. Achieving strong, long-term inclusive growth and creating jobs require accelerating structural reforms and continued protection of the most vulnerable through an adequately financed Benazir Income Support Program. Priorities include advancing the reform of state-owned enterprises (SOEs), including to ensure that all SOEs fall under the new policy framework; strengthening governance and anti-corruption institutions; and continuing to build climate resilience.
Keywords:
Pakistani authorities; excl. IMF obligation; sitting government; resolute commitment; policy reform; Fiscal stance; Public sector; Global
Cover IMF Staff Country Reports
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
International Monetary Fund. Middle East and Central Asia Dept.
This 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. Continued timely and consistent implementation of program policies remains critical, with no room for slippage. This requires strict adherence to fiscal targets while protecting social spending, a market-determined exchange rate to absorb external shocks, and further progress on structural reforms to support stronger and more inclusive growth. Timely and consistent implementation of program policies remains critical, with no room for slippage. Strict adherence to the fiscal targets, while protecting development needs and strengthening the social safety net, is essential to alleviate pressures and place debt on a downward path. Reforms of state-owned enterprises and of the governance framework, including safeguards for the newly created Sovereign Wealth Fund, should be accelerated to strengthen the business environment, investment, and job creation.
Keywords:
net foreign currency swap; Pakistan Muslim League-Nawaz; customs data; SBP purchase; staff appraisal; Pakistani authorities; Tariffs; Fiscal stance; Public sector; Global
Cover IMF Staff Country Reports
Pakistan: Technical Assistance Report–Public Investment Management Assessment–PIMA and Climate PIMA
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance report on Pakistan presents public investment management assessment (PIMA) and Climate PIMA. This report finds that while Pakistan scores slightly above average compared to the emerging market economies that have undertaken the PIMA to date there are still significant gaps in key areas the impede the delivery of critical infrastructure services in Pakistan. Pakistan has taken some important steps to improve public investment management, including through reforms incorporated in the Public Financial Management Act 2019 and the 2021 Manual for Development Projects. With Pakistan’s highly constrained budgetary resources, selecting the right projects for funding becomes even more critical. Government has some skilled staff that can move reforms to address these challenges forward, though it will be difficult. While some staff have a good understanding of strong practices, achieving implementation through changed approaches and culture across the public sector requires focused and sustained effort. Building knowledge of climate change aspects at all stages of the project cycle is also a priority.
Keywords:
Public Investment Management; Climate Change; Public financial management; Infrastructure Governance; climate PIMA; management ASSESSEMENT-PIMA; IMF's Fiscal Affairs Department; management institution; D. investment allocation; auditor general; Public investment spending; Budget planning and preparation; Climate policy; Infrastructure; Global