Review of Pakistan’s economy rescheduled: IMF

The International Monetary Fund (IMF) said the fourth review of Pakistan’s economy has been rescheduled for the first half of April in order to allow for the submission of VAT laws to the provisional assemblies, which have now been submitted. Disbursement of the funding will take place when the IMF Executive Board completes the review, said Gerry Rice, Deputy Director External Relations Department on Friday. To a question on Pakistan, Rice said I could tell you the IMF mission recently held discussions for the fourth review. Pakistan’s program is progressing well. All performance criteria for end-December 2009 were observed except for the budget deficit target, which was missed by a small margin. To another question, whether the regional assemblies actually have to pass those laws before the issue will go to the Board, Rice said he doesn’t have the details of the regional assemblies, however, the Board discussion for the fourth review is now rescheduled for the first half of this month in order to allow for the submission of those VAT laws to the provisional assemblies, which they understand have now been submitted. He also informed that the Managing Director would be in Amman, Jordan for meetings with the authorities on recent economic developments in the region and a town hall discussion with students from eight universities in the Middle East/North Africa and Pakistan on ways to address policy challenges
facing the economies of the region and its youth. staff report