IMF says Pakistan ready to go it alone when programme ends

[Devil Soul]

IMF says Pakistan ready to go it alone when programme ends
REUTERS — PUBLISHED 31 MINUTES AGO
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Pakistan will be ready to go it alone when its $6.7 billion three-year International Monetary Fund (IMF) programme ends in September, a senior fund official said on Wednesday.

Masood Ahmed, director of the IMF’s Middle East and Central Asia department, told Reuters substantial progress had been made in repairing the economy and that the government was right in saying it does not need another package.

"I think that is a very sensible approach at this stage," Ahmed said. "They have built up their reserves, they have halved their budget deficit, their growth rate is pretty much the highest of all the countries in the region broadly defined."

"Therefore they have completed to a large measure the stabilisation agenda that this programme was supporting."

A total of $1.1bn of the $6.7bn package is due to be disbursed before the programme ends in September.

This year has seen some behind-the-scenes grumbling from IMF officials when the government shelved plans to privatise its main power companies.

This month it also shied away from privatising Pakistan International Airlines but with growth expected to be 4.5 per cent this year, neither have caused enough alarm for a formal IMF rebuke.

"The next phase [once the programme ends] is to continue with the reforms that they have on structural measures that will sustainably raise their growth rate and particularly raise their exports," said Ahmed.

"The current level of exports they have, which is about $25bn, for an economy of over $280bn it needs to be double that."

 

[Star Wars]

ALl Thanks to Nawaz Shareef. No clue why people hate him.

 

[Max]

ALl Thanks to Nawaz Shareef. No clue why people hate him.

for his lies.. and after speaking lies he say Alhamdulillah... Ma'Sha'Allah main jhoot nahi bolta etc..

 

[Icarus]

ALl Thanks to Nawaz Shareef. No clue why people hate him.

I agree he has done a commendable job as far as economy and power crisis is concerned and his government is several times better than the last PPP govt we had. He has undertaken a number of successful mega-projects and is taking matters of infrastructure head-on. Personally, although I voted for PTI and was averse to the very concept of a PMLN Govt, I concede that they have performed much better than I could have ever expected.

The differences arise because the N-League does not invest in institution building and play strong arm politics where they use police influence to get things done. That coupled with their dubious tax history means that people have a number of grudges against them.

 

[That Guy]

ALl Thanks to Nawaz Shareef. No clue why people hate him.

Because it's despite him, not because of him. Pakistan would have gone to the IMF (or another financial organization), even if IK came to power, despite what PTI would have you believe.

Really, the only ones that people should be thanking is the IMF, since they actively put a lot of pressure on the government to commit to economic reforms.

Still, Pakistan has a long way to go, and I unfortunately fully expect NS to stop and even reverse a number of policies and reforms that his administration committed to.

 

[saiyan0321]

I agree he has done a commendable job as far as economy and power crisis is concerned and his government is several times better than the last PPP govt we had. He has undertaken a number of successful mega-projects and is taking matters of infrastructure head-on. Personally, although I voted for PTI and was averse to the very concept of a PMLN Govt, I concede that they have performed much better than I could have ever expected.

The differences arise because the N-League does not invest in institution building and play strong arm politics where they use police influence to get things done. That coupled with their dubious tax history means that people have a number of grudges against them.

Basically this. I often mentioned across the board that the 2013 election is the king maker. There is a reason why all parties are crazy for winning it. PPP govt was so horrific and so destructive that any govt that does any work will be seen as god sent compared to the horror era and will be winning elections. Although they have done well with the electricity crisis ( let's see this June) they are struggling in the gas department. Areas of skp, nankana and some parts of Faisalabad ( these are districts) don't get regular gas and there is gas loadshedding even in these days of summer.

My biggest concern lies in CPEC.

Growth is a good way to ascertain a developing nations progress and our growth will reveal more.

 

[RAMPAGE]

"their growth rate is pretty much the highest of all the countries in the region broadly defined."

 

[Muhammad Omar]

 

[xyxmt]

I agree he has done a commendable job as far as economy and power crisis is concerned and his government is several times better than the last PPP govt we had. He has undertaken a number of successful mega-projects and is taking matters of infrastructure head-on. Personally, although I voted for PTI and was averse to the very concept of a PMLN Govt, I concede that they have performed much better than I could have ever expected.

The differences arise because the N-League does not invest in institution building and play strong arm politics where they use police influence to get things done. That coupled with their dubious tax history means that people have a number of grudges against them.

they will not let you do anything if too much is given to institution, everyone is a punga in Pakistan. How Ayub khan was able to complete so many infrastructure project in a short span of 10 years, he made Nawab of Kalabagh his governor and if any wadera, ghunds or budmash try to make problem in any project Ayub will send Nawab sahab to pay him a visit and everything sorted out. Pakistani people are not democratic they only understand dunda.

 

[Icarus]

they will not let you do anything if too much is given to institution, everyone is a punga in Pakistan. How Ayub khan was able to complete so many infrastructure project in a short span of 10 years, he made Nawab of Kalabagh his governor and if any wadera, ghunds or budmash try to make problem in any project Ayub will send Nawab sahab to pay him a visit and everything sorted out. Pakistani people are not democratic they only understand dunda.

I sympathize with the government and acknowledge that there are a lot of problems in Pakistan, particularly with regards to undue, unnecessary and unjust opposition to absolutely essential projects, all to score some brownie points. However, that is what makes institution building all the more necessary, if there is a widely-trusted and impartial institution backing these projects, then public furor will die down automatically.
If we are to just continue with the existing culture of "danda", then the whole concept of a democratically elected government becomes redundant, if blasting through opposition is the criteria for successful government, then we might as well install a military junta and leave it to them.

 

[Dr Gupta]

Look at the Zardari era compared to NS (terrorism is down, the economy is picking up and he seems to want to make peace with India even though right wing elements are causing some issues) This is not all due to NS but also the General but people should give him more time and support.

Look what happened in the past is the past yes there was corruption but today I do not feel he is corrupt and has changed his ways.

 

[ghazi52]

.....

 

[Thəorətic Muslim]

ALl Thanks to Nawaz Shareef. No clue why people hate him.

The IMF & World Bank isn't in the business of assessing the impact of their loans. The directors/ loan officers are commended based on the amount of loans they hand out, and due to the turn-over and internal movements of employees there is no accountability.

Take everything from the IMF & WB, other than the gdp growth percentages, with a few spoons of salt on an open wound.