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Pakistan may not achieve its economic targets in current fiscal year: IMF

The International Monetary Fund (IMF) has said that Pakistan may not be able to achieve its economic growth targets set for the current fiscal year, DawnNews reported on Wednesday.

The statement came after IMF representatives concluded their consultations with the finance minister and officials of the finance ministry in Dubai.

Talks pertaining to a three-year loan repayment programme backed by the IMF had kicked off in Dubai on March 28, with Minister of Finance Ishaq Dar leading the Pakistan delegation.

Over the course of the discussions, the IMF urged the finance ministry to continue the reforms promised under an IMF-backed programme in order to achieve economic stability and growth.

It added that the economic growth in the current fiscal year is expected to reach 5 per cent, with the current account deficit expected at 2.9pc.

The IMF further stated that the rate of inflation is expected to be at 4.3pc.

In January, the World Bank had revised Pakistan’s growth rate upward to 5.2 per cent for the fiscal year 2017 and 5.5 per cent for 2018.

The bank had previously estimated growth of Gross Domestic Product (GDP) of Pakistan to be 5 per cent and 5.4 per cent, respectively.

The delegation noted that the country has faced several challenges on the international platform as well as in the fields of energy and finance and observed that investment in the China-Pakistan Economic Corridor had improved the country’s energy supply.

However, the delegation advised the finance ministry that in addition to increasing its tax revenues, Pakistan would also have to improve its export base to keep on track.

Dawn.com

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