IMF lauds Pakistan s economic progress
February 15, 2020 02:40 AM
The International Monetary Fund (IMF) has praised Pakistan’s gradual economic progress.
“Pakistan made a considerable progress in a few months. Economic activity is on the path to gradual recovery,” a press release said on Friday.
The statement came at the conclusion of an IMF mission’s visit to Pakistan for an economic review that will lead to release of a $460 million tranche.
The government came under fire for the rising inflation and approaching the international money lender at the cost of Pakistan's economic independence.
IMF mission head Ernesto Ramirez Rigo said: “Pakistan's current account deficit declined due to the real exchange rate that is now broadly in line with fundamentals. Pakistan is meeting all-end December performance criteria and structural benchmarks have been created.
“International reserves of the country keep on building at a pace faster than anticipated and inflation will continue to see a downward trend as the pass-through of exchange rate depreciation has been absorbed and supply-side constraints appear to be temporary.”
He continued: "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 on the back of strong domestic tax revenue growth. Development and social spending have been accelerated.
The global monetary body also held a review of Pakistan's efforts to remove itself from the Financial Action Task Force's (FATF) grey list which the country will remain on till at least February 2020.