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© 2001 International Monetary Fund

January 2001

IMF Country Report No.01/24

Pakistan: 2000 Article IV Consultation and Request for Stand-By Arrangement-Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion

Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. In the context of a combined discussion of the 2000 Article IV consultation with Pakistan and request for Stand-By Arrangement, the following documents have been released and are included in this package:

• the staff report for the combined 2000 Article IV consultation and request for Stand-By Arrangement, prepared by a staff team of the IMF, following discussions that ended in September 2000, with the officials of Pakistan on economic developments and policies. Based on information available at the time of these discussions, the staff report was completed on November 15, 2000. The views expressed in the staff report are those of the staff team and do not necessarily reflect the views of the Executive Board of the IMF.

• a staff statement of November 28, 2000 updating information on Tecent economic developments.

• a Public Information Notice (PIN) and a Press Release, summarizing the views of the Executive Board as expressed during its November 29, 2000, discussion of the staff report on issues related to the Article IV consultation and the IMF arrangement, respectively.

The documents listed below have been separately released.

• Letter of Intent by the authorities of Pakistan, together with Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding*

• Selected Issues and Statistical Appendix

• Report on Observance of Standards and Codes

• *Also included in staff report

The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.

To assist the IMF in evaluating the publication policy, reader comments are invited and may be sent by e-mail to Publicationpolicy@imf.org.

Copies of this report are available to the public from

International Monetary Fund • Publication Services

700 19th Street, N.W. • Washington, D.C. 20431

Telephone: (202) 623 7430 • Telefax: (202) 623 7201

E-mail: publications@imf.org • Internet: http://www.imf.org

Price: $15.00 a copy

International Monetary Fund

Washington, D.C.

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INTERNATIONAL MONETARY FUND

PAKISTAN

Staff Report for the 2000 Article IV Consultation and Request for Stand-By Arrangement

Prepared by the Middle Eastern Department and the Policy Development and Review Department

(In consultation with other departments)

Approved by P. Chabrier and G. Russell Kincaid

November 15, 2000

Contents

• List of Acronyms

• I. Introduction and Background

• II. Performance and Policies in 1999/2000

• III. Macroeconomic Adjustment and Reform Program for 2000/01

  • A. Macroeconomic Framework

  • B. Exchange Rate Policy and Exchange System

  • C. Monetary Policy and Financial Sector Reforms

  • D. Fiscal Policy and Reforms

  • E. Other Structural Reforms

  • F. Balance of Payments Outlook and External Financing Issues

• IV. Medium-Term Macroeconomic Outlook

• V. Statistical Issues, Misreporting, and Technical Assistance

• VI. Access, Phasing, and Program Monitoring

• VII. Staff Appraisal

• Tables

• 1. Social Indicators, 1970–1998

• 2. Macroeconomic Framework, 1995/96–2003/04

• 3. Indicators of External and Financial Vulnerability, 1995/96–2000/01

• 4. Medium-term Balance of Payments, 1995/96–2003/04

• 5. Summary of Consolidated Federal and Provincial Budgetary Operations, 1993/94–2000/01

• 6. Summary Accounts of Seven Key Public Sector Enterprises, 1995/96–2000/01

• 7. Accounts of the State Bank of Pakistan, 1995/96–2000/01

• 8. Monetary Developments, 1995/96–2000/01

• 9. External Financing Requirements, 1998/99–20003/04

• 10. Public and Publicly Guaranteed External Debt and Debt Service Due, 2000/01–2001/02

• 11. External Financing by Creditor Group, 1998/99–2000/01

• 12. Summary of Public External Debt and Debt Service, 1995/96–2003/04

• 13. Indicators of Fund Credit, 1999/00–2007/08

• 14. Fund Position, 1999/00–2003/04

• Charts

• 1. Output and Inflation, 1994–2000

• 2. External Sector Developments, 1994–2000

• 3. Exchange Rate Developments, 1995–2000

• 4. Fiscal Developments, 1993–2000

• 5. Monetary Developments, 1993–2000

• Text Boxes

• 1. Revision of Fiscal Data, 1993/94–1998/99

• 2. Was the Rupee Misaligned?

• 3. The Kerb Market for Foreign Exchange in Pakistan

• 4. Impact of Oil Prices on Trade, and Inflation

• 5. Debt Sustainability and BOP Viability—Sensitivity Analysis, 1999–2004

• Appendices

• I. Fund Relations

• II. Relations with the World Bank Group

• III. Structural Reforms Effected Since October 1999

• IV. The Macroeconomic Consistency of the Growth Estimates for 1999/2000

• V. Statistical Issues

• VI. Technical Assistance on Fiscal Data and Transparency

• Attachment

• 1. Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding

List of Acronyms

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INTERNATIONAL MONETARY FUND

PAKISTAN

Prepared by the Middle Eastern Department and the Policy Development and Review Department

Approved by P. Chabrier and G. Russell Kincaid

November 28, 2000

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Public Information Notice (PIN) No. 00/108

International Monetary Fund

FOR IMMEDIATE RELEASE

700 19th Street, NW

December 14, 2000

Washington, D. C. 20431 USA

Telephone 202-623-7100

Fax 202-623-6772

www.imf.org

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EDITORIAL DIVISION

ROOM IS 7-1200 0433

Press Release No. 00/64

International Monetary Fund

FOR IMMEDIATE RELEASE

Washington, D.C. 20431 USA

November 29, 2000

Telephone 202-623-7100

Fax 202-623-6772