Pakistan:Seventh, and Eighth Reviews of the Extended Arrangement under the Extended Fund Facility, Requests for Waivers of Nonobservance of Performance Criteria, and for Extension, Augmentation, and Rephasing of Access-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Pakistan

Seventh, and Eighth Reviews of the Extended Arrangement under the Extended Fund Facility

Volume/Issue: Volume 2022 Issue 288

Publication date: September 2022

ISBN: 9798400218996

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Topics covered in this book

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Exports and Imports , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , staff appraisal , excl , IMF obligation , reform plan , IMF arrangement , inflation expectation , authorities' comprehensive , Fiscal stance , Imports , Global

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Summary

Economic activity remained robust in FY22, fueled by loose fiscal policy and a delayed monetary response to inflationary pressures. These combined with the international food and fuel price shocks led to a marked deterioration of the external position with an unsustainable current account deficit, a significant decline in reserves, and a marked depreciation of the rupee. At the same time, inflation has increased considerably, putting pressure particularly on the more vulnerable.