September 25, 2020

Pakistan off to a good start: IMF Delegation

The IMF delegation has concluded their five-day visit to Pakistan from 16 to 10 September 2019, and expressed satisfaction over the steps taken by the government so far. In a statement released by the delegation, they said that, “Pakistan’s economic program is off to a good start, but decisive implementation is critical to pave the way for stronger and sustainable growth.” The delegation’s head Jihad Azour said that the IMF would conduct a detailed audit of the $6 billion extended fund facility in coming October.

The statement added that the delegation analyzed key steps taken by the current government to improve the economic situation of the country. They further said that the reforms are still in their early stages and have already started to produce results. They said in their statement that, “The transition to a market-determined exchange rate has started to deliver positive results on external balance, exchange rate volatility has diminished, monetary policy is helping to control inflation, and the SBP has improved it’s foreign exchange buffers.”

The IMF commended FBR’s efforts to increase revenue and automating the taxation system. The IMF officials highlighted the fact that the sales tax returns have reached double figured due to steps taken by the FBR.

IMF officials said that the overall economic outlook of the country has not changed so far and they expect the growth rate to be at around 2.4% in the FY 2019-20 and they expect the inflation rate to decline in the coming months.

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