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 Directo

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

Author: International Monetary Fund. Middle East and Central Asia Dept.

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

Volume/Issue: Volume 2024 Issue 017

Publication date: January 2024

ISBN: 9798400265778

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Topics covered in this book

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Taxation - General , International - Economics , Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , net foreign currency swap , Pakistan Muslim League-Nawaz , customs data , SBP purchase , staff appraisal , Pakistani authorities , Tariffs , Fiscal stance , Public sector , Global

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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.