Pakistan to Slash Spending to Support the Relaunching of IMF Program

By IndraStra Global News Team

Cover Image Attribute: A file photo by REUTERS/Johannes P. Christo
Cover Image Attribute: A file photo by REUTERS/Johannes P. Christo

On April 20, 2022, Pakistan's Finance Minister Miftah Ismail said that the country needs to cut government expenditures and development funds to try and revive an International Monetary Fund (IMF) program. 

Pakistan is awaiting a resumption of discussions with the IMF about its seventh review of the $6 billion rescue package approved in July 2019. With a ballooning current account deficit and dwindling foreign reserves, which are as low as $10.8 billion, the South Asian country is desperate for external financing.

The IMF's "Fiscal Monitor, Fiscal Policy from Pandemic to War" forecasts a decline in government spending which would account for 18.4 percent of GDP in 2022, down from 18.6 percent in 2021. Additionally, it will decline to 17.1 percent in 2023. Further, it highlighted that the country's total financial requirements in 2021 would be approximately 35.9 percent of GDP.  

IMF has now forecast a slight drop in Pakistan's gross debt in the face of the country's ongoing debt crisis. According to its predictions, Pakistan's total debt will drop from 74% of GDP in 2021 to an estimated 71.34% of GDP in 2022. In its most recent assessment of Pakistan, the IMF anticipated annual growth of 4%, contrary to its central bank's estimate of 4.8 percent.

Additionally, the IMF forecasts that the country's inflation rate would remain in the double digits, rising to 11.2 percent in 2022 from 8.9 percent in 2021. Additionally, the research estimated consumer prices at 10.5 percent by the end of the 2023 term, while the current account balance is projected to be negative 5.3 percent in 2022. It is worth noting that the IMF anticipated annual growth of 4% for Pakistan in its most recent assessment. The country's central bank had previously forecast annual growth of 4.8% for the year.

Pakistan's new government, which took over from ousted Prime Minister Imran Khan earlier this month, has stated that it has tremendous economic challenges. The fiscal deficit is projected to exceed 10% of gross domestic product (GDP) by June end.

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IndraStra Global: Pakistan to Slash Spending to Support the Relaunching of IMF Program
Pakistan to Slash Spending to Support the Relaunching of IMF Program
By IndraStra Global News Team
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