IMF Sees Rs 1.7 Trillion Fiscal Adjustment
Islamabad: The International Monetary Fund (IMF) has predicted that Pakistan will have to make a big change to its budget of more than Rs 1.7 trillion in the next two fiscal years. This is to control the country’s public debt, which is unsustainable at its current level. This is a way to fix structural economic problems, but it doesn’t seem to be popular politically.
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In its Global Fiscal Monitor report, the IMF gave a glimpse of what the Pakistan Tehreek-e-Insaf (PTI) government might have to do to control the growing public debt.
The IMF put out the report from Washington a day after Prime Minister Imran Khan said he wanted to look at the IMF programme again.
The IMF thinks that in the last year of the PTI government, spending will stay at 21.4% of GDP.
The last year of the government is expected to have a total fiscal adjustment of 1.6% of GDP. Most of this will come from the spending side.
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Pakistan needs about 7% annual economic growth to create enough jobs to hire all of its young people. If the economy grows less than this, it will make unemployment and poverty worse.
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