Pakistan: Sixth and Seventh Reviews Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criteria

Author: International Monetary Fund

Volume/Issue: Volume 2003 Issue 338

Publication date: October 2003

ISBN: 9781451830606

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Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , Public Policy - Social Services and Welfare , ISCR , CR , growth , private sector credit growth , broad money growth , PRGF loan , September , credit growth , collection target , currency debt , PRGF arrangement , Budget planning and preparation , Debt service , Global , South Asia

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Summary

Monetary developments in the first half of 2003 were largely in line with expectations, except for credit to the private sector, which has accelerated significantly in recent months. The overall deficit of the consolidated government was 4.5 percent of GDP in 2002–03, lower than the program ceiling, and the Central Board of Revenue (CBR) collection exceeded the target by a small margin. Pakistan's macroeconomic performance has strengthened substantially over the past few years, with the 2002–03 outcome largely exceeding the Poverty Reduction and Growth Facility (PRGF) targets.