After the successful completion of second review of
The Pakistani authorities reaffirmed IMF mission about their commitment to adopt the necessary corrective actions, including measures to improve the financing of government debt through a medium-term strategy of institutional development and deepening of the government's securities market.
In a communiquÉ issued by IMF said that mission held after the constructive discussions with Pakistani economic managers\' of Pakistani government on the economic performance under the EFF program, mission reached staff-level understandings with the authorities on a set of economic policies detailed in an updated Letter of Intent, which will be subject to Executive Board approval.
The IMF mission acknowledged the government\'s efforts to deepen its support to the poor through expanding the Income Support Program (BISP), and other mechanisms, and welcomes its commitment to upgrade the delivery system to ensure timely payments to 4.9 million eligible families.
Led by large scale manufacturing and service sectors, growth is picking up and is now expected to reach about 3.1 percent for FY2013/14 as a whole, compared to the earlier estimate of 2.8 percent. Fiscal performance continued on track in the second quarter of 2013/14, with initial consolidation efforts relying on revenue mobilization and reduction in energy subsidies. On the external side, while the SBP has continued its efforts to rebuild reserves, and the foreign exchange market has stabilized, pressures on the balance of payments are likely to persist for some months.
"The mission recognizes the authorities' resolve to pursue agreed structural reforms to enhance medium term growth prospects and rebuild foreign exchange reserves to underpin investor confidence. Timely implementation of reform measures articulated in the National Energy Policy is of high priority in ensuring affordable and reliable supply of energy. Recognizing that fixing
Furthermore the government's privatization agenda remains on track with capital market transactions for some companies, investments by strategic investors in others, and restructuring to improve resource allocation and limit poor performance. Decisive efforts to broaden the tax net through the elimination of tax exemptions and loopholes granted through Statutory Regulatory Orders (SROs) are critical to the future of
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