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International Monetary Fund. Middle East and Central Asia Dept.
This 2017 Article IV Consultation highlights that Pakistan’s outlook for economic growth is favorable. Real GDP is estimated at 5.3 percent in FY2016/17 and strengthening to 6 percent over the medium term on the back of stepped-up China Pakistan Economic Corridor investments, improved availability of energy, and growth-supporting structural reforms. Inflation has been gradually increasing but remains contained, and the financial sector has remained sound. Key external risks include lower trading partner growth, tighter international financial conditions, a faster rise in international oil prices, and over the medium term, failure to generate sufficient exports to meet rising external obligations from large-scale foreign-financed investments.
International Monetary Fund. Independent Evaluation Office

Abstract

The Independent Evaluation Office (IEO) evaluation on International Reserves: IMF Concerns and Country Perspectives was discussed by the Board in December 2012. This evaluation examined the IMF’s analysis of the effect of reserves on the stability of the international monetary system and its advice on reserve adequacy assessments in the context of bilateral surveillance. In the multilateral context, the evaluation acknowledged the IMF’s broader work stream on the international monetary system but noted that this work had not sufficiently informed the analysis and recommendations regarding reserves. The IEO evaluation of The Role of the IMF as Trusted Advisor was discussed by the Board in February 2013. This evaluation found that perceptions of the IMF had improved, but that they varied markedly by region and country type. Recognizing that there will always be an inherent tension between the IMF’s roles as a global watchdog and as a trusted advisor to member country authorities, the evaluation report explored how the IMF could sustain the more positive image it had achieved in the aftermath of the recent global crisis. The evaluation found that among key challenges facing the IMF were improving the value added and relevance of IMF advice and overcoming the perception of a lack of even-handedness.

International Monetary Fund
Pakistan has been facing significant economic difficulties. With sharp increases in oil and food prices, and adverse security developments, Pakistan has experienced a significant widening of the fiscal deficit, owing in large part to increasing energy subsidies and major pressures on its balance of payments. As a result, inflation rose considerably and international reserves declined sharply. Executive Directors have commended the authorities for the progress achieved under the stabilization program. Directors have also welcomed the focus on social protection in the authorities’ program.
International Monetary Fund
Pakistan’s authorities have requested a 23-month Stand-By Arrangement for SDR 5.169 billion in support of their macroeconomic stabilization program. The authorities’ program envisages a tightening of fiscal and monetary policies to bring down inflation and reduce the external current account deficit to more sustainable levels. The pace of adjustment seeks to balance the need to address the current macroeconomic imbalances with protecting social stability. The program envisages important reforms in tax policy and administration and public financial management.
International Monetary Fund. Middle East and Central Asia Dept.

Abstract

The Middle East and Central Asia is undergoing a remarkable transformation driven by rapid GDP growth and high oil and non-oil commodity prices. The report presents common economic trends and reviews prospects and policies for the coming year in light of the global economic environment. This latest REO includes boxes treating both regional topics--such as growth in the Maghreb countries; developments in the oil markets; the boom in the GCC countries, and the impact of the recent global credit squeeze on the region--and country-specific reviews, of Kazakhstan, Armenia, Egypt, Pakistan, and the UAE.

International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
International Monetary Fund. External Relations Dept.
La edición en Internet del Boletín del FMI, que se actualiza varias veces a la semana, contiene numerosos artículos sobre temas de actualidad en el ámbito de las políticas y la economía. Consulte las últimas investigaciones del FMI, lea entrevistas y escuche podcasts de los principales economistas del FMI sobre importantes temas relacionados con la economía mundial. www.imf.org/external/pubs/ft/survey/so/home.aspx
International Monetary Fund. Independent Evaluation Office

Abstract

This first Annual Report describes the activities of the IEO through the first full year of operation. The report provides a summary of the main findings and recommendations of the first three evaluation projects on the prolonged use of IMF resources, the role of the IMF in recent capital account crises, and the role of fiscal adjustment in IMF-supported programs. It also indicates the status of ongoing evaluation projects, and discusses several common themes emerging from the IEO’s evaluations.

International Monetary Fund. Independent Evaluation Office

Abstract

This evaluation report covers such topics as the definition and scope of prolonged use, the evolution of IMF policies on prolonged use, characteristics of prolonged users, the effectiveness and design of prolonged users’ IMF-supported programs, and implications of prolonged use of IMF resources for the member country and the IMF. The report also contains detailed case studies on Jamaica, Morocco, Pakistan, the Philippines, and Senegal.

International Monetary Fund
This paper describes developments in the balance of payments of Pakistan during 1972-86, focusing particularly on the factors that gave rise to external payments problems and the macroeconomics policies that were adopted by the authorities. While performance on the growth and inflation fronts compares favorably with other developing countries, the balance of payments remained persistently weak. A combination of favorable external shocks, such as the large increase in workers’ remittances and sizable foreign aid inflows, allowed the economy some breathing room, but ultimately did not reduce the need for comprehensive fiscal and trade reforms to ensure medium-term viability of the balance of payments.