Islamabad: International Monetary Fund (IMF) on Friday admitted thatPakistan’s economic program was off to a promising start
IMF mission, led by Ernesto Ramirez Rigo, visited Islamabad and Karachi totake stock of economic developments since the start of the Extended FundFacility (EFF) and discuss progress in the implementation of economicpolicies.
Mr. Ramirez Rigo concluded, “While the authorities’ economic reform programis still in its early stages, there has been progress in some key areas.The transition to a market-determined exchange rate has started to deliverpositive results on the external balance, exchange rate volatility hasdiminished, monetary policy is helping to control inflation, and the SBPhas improved its foreign exchange buffers.”
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He further added, ““There has been a significant improvement in tax revenuecollections, with taxes showing double-digit growth net of exportersrefunds. Moreover, the FBR is undertaking significant steps to improve taxadministration and its interface with taxpayers. Staff and the authoritieshave analyzed the worse than expected fiscal results of FY2018/19, whichwere partially the result of one-off factors and should not jeopardize theambitious fiscal targets for FY2019/20. Importantly, the social spendingmeasures in the program have been implemented.”
