Pakistan’s economy is once again at crossroads: IMF

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ISLAMABAD: Underscoring the need for continuity of policies, the International Monetary Fund (IMF) has said that expansionary policies, and reversal of a number of previously initiated reforms by the PTI-led government to spur growth, resulted in external imbalances.

Pakistan’s economy is once again at crossroads as the country has a long history of stop-and-go economic policies and weak implementation of structural reforms, warned the IMF, The News reported.

The IMF pointed out five examples where the policies reversals were made by Pakistan authorities. Reduction of taxes, notably (a) a zero-rate excise on fuel (PDL), which had seen a gradual decrease from Rs 30/liter to zero since December 2020; and (b) a downward adjustment of the GST on petrol and diesel from 17% to 16.4%.

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