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ISLAMABAD: IMF’s Mission Chief for Pakistan Jeffrey Franks says that the IMF has anticipated that Pakistan’s economy would grow to the vicinity of 5 per cent by the end of just-approved economic programme in the fiscal year of 2015-16.
In an interview published in the IMF Survey, Mr Franks said all reforms anticipated in the economic programme submitted by Pakistan are going to take time.
“Growth may actually slip a little bit in the first year of the programme (2013-14) because of necessary fiscal adjustment,” he said.
Franks said Pakistan is in a difficult economic situation right now; foreign exchange reserves are falling, chronic fiscal deficit is widening and in addition high inflation and major structural impediments have stalled economic growth. However, Pakistan is not yet in an economic crisis, but to avoid a full-blown crisis and a collapse of the currency, the government decided to seek financial assistance from the IMF, he pointed out.
The Pakistan programme envisages a substantial decline in the budget deficit of the government from nearly 8.5pc of GDP last year to 5.8pc of GDP in 2013-14 and to 3.5pc of GDP by the end of the programme in 2015-16.
In an interview published in the IMF Survey, Mr Franks said all reforms anticipated in the economic programme submitted by Pakistan are going to take time.
“Growth may actually slip a little bit in the first year of the programme (2013-14) because of necessary fiscal adjustment,” he said.
Franks said Pakistan is in a difficult economic situation right now; foreign exchange reserves are falling, chronic fiscal deficit is widening and in addition high inflation and major structural impediments have stalled economic growth. However, Pakistan is not yet in an economic crisis, but to avoid a full-blown crisis and a collapse of the currency, the government decided to seek financial assistance from the IMF, he pointed out.
The Pakistan programme envisages a substantial decline in the budget deficit of the government from nearly 8.5pc of GDP last year to 5.8pc of GDP in 2013-14 and to 3.5pc of GDP by the end of the programme in 2015-16.
