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IMF accepts statistics about Pakistan economy: Finance Ministry

IMF accepts statistics about Pakistan economy: Finance Ministry

ISLAMABAD: The International Monetary Fund (IMF) has accepted the statistics presented by the Finance Ministry about state of the Pakistani economy in the fourth and fifth quarterly review meetings under the IMF Extended Fund Facility (EFF).

The EFF provides assistance in support of comprehensive programs that include policies of the scope and character required to correct structural imbalances over an extended period. It has a comparatively longer repayment period of 4½ to 10 years, with repayments in twelve equal semi annual instalments.

Pakistan entered into an extended fund facility (EFF) programme with IMF on September 4, 2013. It is a 36-month extended arrangement under the EFF for SDR 4.393 billion ($6.64 billion, 425 percent of quota). First tranche of SDR 360 million ($544.5 million, 34.8 percent of quota) became available on September 6 2013, and the remainder will be evenly phased thereafter subject to quarterly reviews.

A Finance Ministry source said that Pakistani team shared did not provide any figure for poverty rate and data for employment for FY 2013-14 and onwards because Pakistan Bureau of Statistics (PBS) had not complied.

However, the source said that data, including GDP growth 4.14% for fiscal year 2013-14, GDP Growth projection 5.1% for fiscal year 2014-15 as well as CPI Inflation rate 8.6% for fiscal year 2013-14 and CPI inflation rate 6.51% for fiscal year 2014-15 (July-November) were shared with IMF in the fourth and fifth quarterly review meetings under the EFF.

The source said that Pakistan entered EFF with objectives to improve the medium-term growth outlook and move toward sustainable fiscal and external positions, provide macroeconomic stability and improve economic performance during the term of the program

“IMF accepted all the figures provided by the government of Pakistan, however, future projections of the above figures made by IMF staff may differ from GOP estimates due to difference in assumptions,” the source added.

To a question, the source said the government had enacted general Statistics Reorganization Act 2011, under which PBS had been established.

“The work of PBS is looked after by a governing council majority members of which are from academia and System of National Accounts 2008 is being implemented to ensure transparency and reliability,” the source observed.