This paper traces the effects of an appreciation of the deutsche mark with the help of a computable general equilibrium model under alternative structural policy scenarios. In the first scenario, characterized by severe structural rigidities, the contractionary effects of exchange rate...

countries face similar challenges to create jobs and foster more inclusive growth. The current environment of likely durable low oil prices has exacerbated these challenges. The non-oil private sector remains relatively small and, consequently, has been only a limited source of growth and...

A 36 month, SDR 4,393 million (425 percent of quota) Extended Arrangement under the EFF was approved by the Executive Board on September 4, 2013 and the third review was completed on June 27, 2014, with a total of SDR 1,440 million disbursed. Fifth and sixth tranches totaling of SDR 720 million...

This paper assesses Pakistan’s Second Review Under the Extended Arrangement and Request for Waivers of Non-Observance of Performance Criteria. Discussions focused on progress in addressing the main macroeconomic challenges facing the country and remedial actions to meet missed performance...

This paper highlights Pakistan’s 2013 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility. Discussions in the IMF report focus on macroeconomic policies to address vulnerabilities and reforms to promote robust inclusive growth. The...

This paper discusses Pakistan’s First review Under the Extended Arrangement Under the Extended Fund Facility and Request for Waiver of Nonobservance of a Performance Criterion (PCs) and Modification of Performance Criteria. All quantitative PCs for end-September 2013 were observed except...