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Pakistan Faces Challenging Economic Outlook: IMF

Oct 05 2012
By
Forexbrokerz.com

Pakistan's economic situation is deteriorating, and is in urgent need of measures to reduce budget deficit and contain rising inflation, a report from the International Monetary Fund (IMF) revealed Friday.

The report published following a review mission urged the Pakistan government to take up structural reforms, especially in the energy sector, to lay the foundation for stronger and sustainable economic growth.

The economy is seen expanding in the 3-3.5 percent range during fiscal 2012/13, which according to the Fund is insufficient to to absorb the growing labor force.

The country's inflation, which eased recently, is expected to be back in double digits by the middle of next year if corrective measures are not taken to reverse monetary financing of the fiscal deficit.

"Underlying inflation remains high and represents a regressive tax that disproportionately hurts the poor. The ultimate goal of the State Bank of Pakistan should be to bring inflation down significantly by using its policy tools," the report said.

Authorities need to adopt significant corrective measures to address the challenging outlook, including reduction of the budget deficit, streamlining of private sector credit and steps to achieve debt sustainability.

Though the country's current account deficit is not large, financial flows have weakened and central bank reserves have fallen, the IMF said.

The material has been provided by Instaforex Company - instaforex.com
TAGS: Pakistan  Faces  Challenging  Economic  Outlook:  IMF   

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