巴基斯坦：根据扩展基金机制下的扩展安排进行的第一次审查、修改绩效标准的请求和根据弹性和可持续机制作出安排的请求-新闻稿；员工报告；巴基斯坦执行主任的发言

IMF Country Report No.25/109 PAKISTAN FIRST REVIEW UNDER THE EXTENDED ARRANGEMENTUNDER THE EXTENDED FUND FACILITY, REQUESTS FORMODIFICATION OF PERFORMANCE CRITERIA, ANDREQUEST FOR AN ARRANGEMENT UNDER THERESILIENCE AND SUSTAINANBLE FACILITY—PRESSRELEASE;STAFF REPORT;AND STATEMENT BY THEEXECUTIVE DIRECTOR FORPAKISTAN May2025 In the context of theFirst Review Under the Extended Arrangement Under the ExtendedFund Facility, Requests for Modification ofPerformance Criteria, And Request for anArrangement Under the Resilience and Sustainable Facility, the following documents havebeen released and are included in this package: •APress Releaseincluding a statement by the Chair of the Executive Board. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onMay 9, 2025, following discussions that ended onMarch 14,2025,with the officials ofPakistanon economic developments and policies.Based oninformation available at the time of these discussions, the staff report was completedonApril 25, 2025. •AStaff Supplementupdating information on recent developments. •AStatement by the Executive Directorand Senior AdvisorforPakistan. TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.orgWeb:http://www.imf.org International Monetary FundWashington, D.C. IMF Executive BoardCompletesFirst Review of the ExtendedFund Facility Arrangement with Pakistan and Approves theRequest for an Arrangement under the Resilience andSustainability Facility FOR IMMEDIATE RELEASE •TheIMFExecutive Boardcompleted the first review under the Extended Fund Facility(EFF) Arrangement, allowingthe authorities to draw the equivalent of about $1 billion.Theauthoritieshavedemonstratedstrong programimplementation, which hascontributed toimproving financing and external conditions, and a continuing economic recovery. •Moving forward, policy priorities willincludeadvancing reforms to strengthen competition,raise productivity and competitiveness, reform SOEs, improve public serviceprovisionandenergy sector viability, and build climate resilience. •The Executive Board also approved the authorities request for an arrangementunder theResilience and Sustainability Facility (RSF),whichwill support Pakistan’s efforts in buildingeconomicresilience toclimate vulnerabilities andnatural disasters,with access of around$1.4 billion. Washington, DC–May 9,2025:Today, the Executive Board of the International MonetaryFund (IMF)completed the first review of Pakistan’s economic reform program supported bythe EFF Arrangement. This decision allows for an immediate disbursement ofaround $1billion (SDR760million), bringing total disbursements under the arrangement toabout $2.1billion (SDR1.52billion).In addition, the IMF Executive Board approved the authorities’request for an arrangement under the Resilience and Sustainability Facility (RSF), with accessofabout US$1.4 billion (SDR 1 billion). Pakistan’s 37-month EFF was approved on September 25, 2024, and aims to build resilienceand enable sustainable growth. Key priorities include (i) entrenchingmacroeconomicsustainability through consistent implementation of sound macro policies,including rebuildinginternational reserve buffers andbroadening of the tax base; (ii) advancing reforms tostrengthen competition and raise productivity and competitiveness; (iii) reforming SOEs andimproving public service provision and energy sector viability; and (iv) building climateresilience. Pakistan’s policy effortsunder the EFFhavealreadydelivered significant progress instabilizing the economyand rebuilding confidence,amidst a challenging global environment.Fiscal performance has been strong, witha primary surplus of 2.0 percentof GDPachieved inthe firsthalfof FY25,keeping Pakistanon track to meet theend-FY25 target of 2.1 percent ofGDP.Inflation fell to a historic low of 0.3 percent in April,and progress on disinflation andsteadier domestic and external conditions, haveallowed the State Bank of Pakistan to cut thepolicy rate by a total of 1100 bps since June 2025.Gross reservesstood at$10.3 billion atend-April,upfrom $9.4 billion inAugust2024, and areprojected to reach$13.9 billion by end-June2025and continue to be rebuilt over the medium term. The RSF will support the authorities’effortsto reduce vulnerabilitiestonatural disastersandtobuildeconomic andclimate resilience.The authorities’ program: (i) prioritizesresilience tonatural disasters and strengthen public investment processes at all levels of government; (ii)makesthe use of scarce water resources more efficient, including through better pricing; (iii)strengthenscoordination of natural disaster re