ISLAMABAD: The International Monetary Fund (IMF) mission has recognized that economic activity stabilized in Pakistan and that the country made considerable progress in advancing effective economic reforms and policies in addition to meeting all performance criteria at the end of December, ARY News reported Friday.
The IMF mission issued a statement after concluding the dialogues with Pakistan today stating that the government made strong progress in the implementation of the program, which will pave the way for consideration of its review by the executive board.
It is also read that development and social spending have accelerated in the implementation of the program in addition to the completion of structural benchmarks.
Read: Pakistan and the IMF agree on an unchanged fiscal objective after policy dialogues
Ramírez Rigo, who led the IMF delegation during talks with Pakistani officials in Islamabad on the second revision of the authorities’ economic reform program, made the statement: “The IMF technical staff team held constructive and productive discussions with the Pakistani authorities and congratulated them for the considerable progress made in recent months in advancing reforms and continuing strong economic policies. “
“The mission and the authorities made significant progress in discussions about policies and reforms. In the coming days, progress will continue to pave the way for the IMF Executive Board to consider the review. “
“The macroeconomic perspective is maintained in general terms as expected at the time of the first review. Economic activity has stabilized and continues on the path of gradual recovery. “
Read: the IMF delegation returns while the talks emphasize accelerating the privatization process
“The current account deficit has decreased, aided by the real exchange rate that is now in line with the fundamentals, while international reserves continue to rebuild at a considerably faster rate than expected.”
Mr. Rigo added: “Inflation should begin to see a downward trend as the transfer of the exchange rate depreciation has been absorbed and supply side restrictions appear to be temporary.”
“The fiscal performance in the first half of the fiscal year remained strong, with the general government registering a primary surplus of 0.7 percent of GDP due to the strong growth of internal tax revenues. Development and social spending have accelerated, ”the statement said.
It is pertinent to mention here that an International Monetary Fund (IMF) mission, led by Ernesto Ramírez Rigo, had visited Islamabad on February 3 and 13 to hold discussions on the second revision of the authorities’ economic reform program supported by the Extended Fund Installation Arrangement (EFF).
ای ایم ایف اور پاکستان کے درمیان مذاکرات مکمل
آئی ایم ایف اور پاکستان کے درمیان مذاکرات مکمل – منی بجٹ نہیں آئے گا, جون تک ٹیکسز میں اضافہ نہیں ہوگا – ٹیکس ہدف میں کمی نہیں کی جائے گی – ٹیکس ہدف کے حصول کی کوشش کی جائے گی, ذرائع وزارت خرانہ # ARYNews
Published by ARY News on Wednesday, February 12, 2020