Pakistan Economic Programme off to a promising start: International Finance Institution
Islamabad: International Monetary Fund (IMF) on Friday admitted that Pakistan’s economic program was off to a promising start
IMF mission, led by Ernesto Ramirez Rigo, visited Islamabad and Karachi to take stock of economic developments since the start of the Extended Fund Facility (EFF) and discuss progress in the implementation of economic policies.
Mr. Ramirez Rigo concluded, “While the authorities’ economic reform program is still in its early stages, there has been progress in some key areas. The transition to a market-determined exchange rate has started to deliver positive results on the external balance, exchange rate volatility has diminished, monetary policy is helping to control inflation, and the SBP has improved its foreign exchange buffers.”
He further added, ““There has been a significant improvement in tax revenue collections, with taxes showing double-digit growth net of exporters refunds. Moreover, the FBR is undertaking significant steps to improve tax administration and its interface with taxpayers. Staff and the authorities have analyzed the worse than expected fiscal results of FY2018/19, which were partially the result of one-off factors and should not jeopardize the ambitious fiscal targets for FY2019/20. Importantly, the social spending measures in the program have been implemented.”