The International Monetary Fund (IMF) on Friday released a report on Pakistan, in which the international financial institution emphasized on increasing tax revenue and foreign exchange reserves.
The IMF country report stated that many promises and targets were not implemented by the government of Pakistan due to the tense political environment last year.
It said that five targets including foreign exchange reserves and primary budget deficit have not been met, adding that seven structural targets have also not been implemented.
The report underscored that the government took several steps to bring the loan program back on track and the economic activities remained strong in Pakistan during fiscal year 2022
It further mentioned the government announced a budget based on a primary surplus that included significant increases in interest rates. Fuel subsidy was abolished. Fuel and electricity prices were increased.
“The rise in global prices of food and fuel led to a significant increase in inflation, while the Pakistan government has assured measures for the stability of the financial sector,” the report added.