Pakistan Development Update, October 2014
For 2013 progress in Pakistan was significant and supported by a solid economic reform program of the Government of Pakistan. An IMF Extended Fund Facility (EFF) and two World Bank Development Policy Credits with a focus to restructure the energy s...
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| Format: | Economic Updates and Modeling |
| Language: | English en_US |
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Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2014/10/23838550/pakistan-development-update http://hdl.handle.net/10986/21315 |
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okr-10986-21315 |
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oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING AGGREGATE DEMAND AMORTIZATION ARREARS AUCTION AUCTIONS AUDITS AVAILABILITY OF CREDIT BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK DEBT BANK FINANCING BANKING SECTOR BANKING SYSTEM BASIS POINTS BENEFICIARIES BID BOND BOND INDEX BONDS BROAD MONEY BUDGETARY SUPPORT BULLET REPAYMENT BUSINESS CLIMATE BUSINESS CONFIDENCE BUSINESS ENVIRONMENT CAPITAL ADEQUACY CAPITAL FORMATION CAPITAL GAINS CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKET TRANSACTIONS CAPITALIZATION CASH HOLDINGS CASH RESERVE CASH TRANSFER CASH TRANSFERS CENTRAL BANK COMMERCIAL BANK COMMERCIAL BANK CREDIT COMMERCIAL BANKS COMMODITY COMMODITY PRICES CONCESSIONARY TAX CONSUMER PRICE INDEX CONSUMPTION EXPENDITURES CORPORATE GOVERNANCE COUNTRY RISK CREDIT BUREAU CREDIT QUALITY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DEBT ISSUE DEBT MANAGEMENT DEBT MATURITY DEBT RATIO DEBT SERVICE DEBT STOCK DEVELOPMENT BANK DISBURSEMENT DOMESTIC BANK DOMESTIC BORROWING DOMESTIC DEBT ECONOMIC DEVELOPMENTS ECONOMIC PERFORMANCE ECONOMIC REFORM EQUIPMENT EQUITY MARKET EUROBOND EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORT COMPETITIVENESS EXPORT GROWTH EXPORT MARKET EXPORT PERFORMANCE EXTERNAL DEBT EXTERNAL FINANCING FINANCIAL INFLOWS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR DEVELOPMENTS FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FIXED RATE FOREIGN ASSET FOREIGN ASSETS FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE RESERVE FOREIGN EXCHANGE RESERVES FOREIGN INFLOWS FOREIGN INVESTORS FOREIGN PORTFOLIO FOREIGN PORTFOLIO INVESTMENT GOVERNMENT BORROWING GOVERNMENT BORROWINGS GOVERNMENT EXPENDITURES GOVERNMENT GRANTS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROWTH RATE HUMAN RESOURCE IMMUNIZATION INCOME INFLATION INFLATION EXPECTATIONS INFLATION RATE INFLATIONARY PRESSURE INFLATIONARY PRESSURES INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE PROJECTS INSURANCE INTEREST PAYMENTS INTEREST RATE INTEREST RATE SPREADS INTERNATIONAL BANK INTERNATIONAL BOND INTERNATIONAL BOND MARKET INTERNATIONAL CREDIT INTERNATIONAL CREDIT RATINGS INTERNATIONAL DEBT INTERNATIONAL DEBT MARKETS INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL RESERVE INTERNATIONAL RESERVES INVESTING INVESTMENT ASSETS INVESTMENT CLIMATE INVESTMENT CLIMATE REFORMS INVESTMENT DECISIONS INVESTMENT RATE INVESTMENTS IN GOVERNMENT SECURITIES ISSUANCE LOAN LOAN PORTFOLIO LOAN SIZE LOCAL CURRENCY MARKET PRICE MARKET PRICES MATURITY MFI MICRO-INSURANCE MICROFINANCE MICROFINANCE INSTITUTIONS MICROFINANCE SECTOR MONETARY FUND MONETARY POLICY NATIONAL INVESTMENT NATIONAL SAVINGS NON-PERFORMING LOANS OIL PRICES PERMANENT SHOCK POLITICAL UNCERTAINTY POLITICAL UNREST PORTFOLIO PORTFOLIO INVESTMENT PRICE STABILITY PRIVATE INVESTMENT PRIVATE INVESTORS PRIVATE SECTOR CREDIT PRIVATE SECTOR GROWTH PRIVATIZATION PRIVATIZATIONS PRIZE BONDS PUBLIC DEBT PUBLIC FINANCE PUBLIC INVESTMENT RECURRENT EXPENDITURE REFORM PROGRAM REGULATOR REMITTANCE REMITTANCES RESERVE REQUIREMENT RESERVES RETURN RETURN ON ASSET RETURNS SAVINGS RATE SETTLEMENT SINKING FUND SOCIAL DEVELOPMENT SOCIAL PROTECTION SOVEREIGN BOND SOVEREIGN BONDS STATE BANK STOCK EXCHANGE STOCK EXCHANGES STOCKS SUKUK SUSTAINABILITY ANALYSIS T- BILLS T-BILL TAX TAX COLLECTION TAX EXEMPTIONS TAX RATES TECHNICAL ASSISTANCE TIME DEPOSITS TRADE BALANCE TRADE DEFICIT TRADING TREASURY TREASURY BILL TREASURY BILL AUCTION TREASURY BILLS TURNOVER UNION UNIVERSAL ACCESS VERTICAL INTEGRATION VOLATILE EXCHANGE RATE VOLATILITY WORKING CAPITAL YIELD CURVE |
| spellingShingle |
ACCOUNTING AGGREGATE DEMAND AMORTIZATION ARREARS AUCTION AUCTIONS AUDITS AVAILABILITY OF CREDIT BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK DEBT BANK FINANCING BANKING SECTOR BANKING SYSTEM BASIS POINTS BENEFICIARIES BID BOND BOND INDEX BONDS BROAD MONEY BUDGETARY SUPPORT BULLET REPAYMENT BUSINESS CLIMATE BUSINESS CONFIDENCE BUSINESS ENVIRONMENT CAPITAL ADEQUACY CAPITAL FORMATION CAPITAL GAINS CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKET TRANSACTIONS CAPITALIZATION CASH HOLDINGS CASH RESERVE CASH TRANSFER CASH TRANSFERS CENTRAL BANK COMMERCIAL BANK COMMERCIAL BANK CREDIT COMMERCIAL BANKS COMMODITY COMMODITY PRICES CONCESSIONARY TAX CONSUMER PRICE INDEX CONSUMPTION EXPENDITURES CORPORATE GOVERNANCE COUNTRY RISK CREDIT BUREAU CREDIT QUALITY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DEBT ISSUE DEBT MANAGEMENT DEBT MATURITY DEBT RATIO DEBT SERVICE DEBT STOCK DEVELOPMENT BANK DISBURSEMENT DOMESTIC BANK DOMESTIC BORROWING DOMESTIC DEBT ECONOMIC DEVELOPMENTS ECONOMIC PERFORMANCE ECONOMIC REFORM EQUIPMENT EQUITY MARKET EUROBOND EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORT COMPETITIVENESS EXPORT GROWTH EXPORT MARKET EXPORT PERFORMANCE EXTERNAL DEBT EXTERNAL FINANCING FINANCIAL INFLOWS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR DEVELOPMENTS FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FIXED RATE FOREIGN ASSET FOREIGN ASSETS FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE RESERVE FOREIGN EXCHANGE RESERVES FOREIGN INFLOWS FOREIGN INVESTORS FOREIGN PORTFOLIO FOREIGN PORTFOLIO INVESTMENT GOVERNMENT BORROWING GOVERNMENT BORROWINGS GOVERNMENT EXPENDITURES GOVERNMENT GRANTS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROWTH RATE HUMAN RESOURCE IMMUNIZATION INCOME INFLATION INFLATION EXPECTATIONS INFLATION RATE INFLATIONARY PRESSURE INFLATIONARY PRESSURES INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE PROJECTS INSURANCE INTEREST PAYMENTS INTEREST RATE INTEREST RATE SPREADS INTERNATIONAL BANK INTERNATIONAL BOND INTERNATIONAL BOND MARKET INTERNATIONAL CREDIT INTERNATIONAL CREDIT RATINGS INTERNATIONAL DEBT INTERNATIONAL DEBT MARKETS INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL RESERVE INTERNATIONAL RESERVES INVESTING INVESTMENT ASSETS INVESTMENT CLIMATE INVESTMENT CLIMATE REFORMS INVESTMENT DECISIONS INVESTMENT RATE INVESTMENTS IN GOVERNMENT SECURITIES ISSUANCE LOAN LOAN PORTFOLIO LOAN SIZE LOCAL CURRENCY MARKET PRICE MARKET PRICES MATURITY MFI MICRO-INSURANCE MICROFINANCE MICROFINANCE INSTITUTIONS MICROFINANCE SECTOR MONETARY FUND MONETARY POLICY NATIONAL INVESTMENT NATIONAL SAVINGS NON-PERFORMING LOANS OIL PRICES PERMANENT SHOCK POLITICAL UNCERTAINTY POLITICAL UNREST PORTFOLIO PORTFOLIO INVESTMENT PRICE STABILITY PRIVATE INVESTMENT PRIVATE INVESTORS PRIVATE SECTOR CREDIT PRIVATE SECTOR GROWTH PRIVATIZATION PRIVATIZATIONS PRIZE BONDS PUBLIC DEBT PUBLIC FINANCE PUBLIC INVESTMENT RECURRENT EXPENDITURE REFORM PROGRAM REGULATOR REMITTANCE REMITTANCES RESERVE REQUIREMENT RESERVES RETURN RETURN ON ASSET RETURNS SAVINGS RATE SETTLEMENT SINKING FUND SOCIAL DEVELOPMENT SOCIAL PROTECTION SOVEREIGN BOND SOVEREIGN BONDS STATE BANK STOCK EXCHANGE STOCK EXCHANGES STOCKS SUKUK SUSTAINABILITY ANALYSIS T- BILLS T-BILL TAX TAX COLLECTION TAX EXEMPTIONS TAX RATES TECHNICAL ASSISTANCE TIME DEPOSITS TRADE BALANCE TRADE DEFICIT TRADING TREASURY TREASURY BILL TREASURY BILL AUCTION TREASURY BILLS TURNOVER UNION UNIVERSAL ACCESS VERTICAL INTEGRATION VOLATILE EXCHANGE RATE VOLATILITY WORKING CAPITAL YIELD CURVE World Bank Pakistan Development Update, October 2014 |
| geographic_facet |
South Asia Pakistan |
| description |
For 2013 progress in Pakistan was
significant and supported by a solid economic reform program
of the Government of Pakistan. An IMF Extended Fund Facility
(EFF) and two World Bank Development Policy Credits with a
focus to restructure the energy sector, foster private and
financial sector developments and improve social protection
and revenue mobilization reinforced the reform program. The
risk of a balance of payment crisis was minimized with a
significant strengthening of the international reserves
position. This mainly resulted from strong remittances and
significant foreign capital inflows, which also brought
stability in the foreign exchange market. A strong fiscal
consolidation was achieved; the fiscal deficit was contained
at around 5.5 percent of GDP - due to improved tax
collection, high non-tax revenues, and restricted (current
and development) expenditures. Price stabilization followed
with average inflation remaining in single digits. This
environment favored growth recovery, with the GDP growth
rate above 4 percent for the first time in seven years -
driven by dynamic manufacturing and service sectors
supported by better energy availability and improved
investors' expectations. As a result, performance under
the IMF program remained satisfactory, with the Third Review
concluded on June 27. However, since mid-August, the ongoing
political uncertainty has negatively affected the
macroeconomic stance and may modify the pace and depth of
reforms. Some salient features of FY2013/14 economic
performance were: growth re-emerged; increased remittances,
capital and financial inflows supported a buildup of
reserves; a significant correction of a previously loose
fiscal stance took place; fiscal consolidation and
improvement in business confidence produced a strong
recovery in credit to the private sector, after five years
of muted growth; price stability - with CPI inflation in
single digit - was preserved; and progress on the structural
reform agenda was promising. The political events following
the mid-August Long-March and Sit-in may have affected the
economy, and it also remains to be determined how much the
pro-reform momentum, so carefully gathered during the past
fiscal year and entering a decisive second year, will be
affected by the civil unrest, but new investors'
confidence-building measures will have to be nurtured to
reinvigorate the reform agenda. |
| format |
Economic & Sector Work :: Economic Updates and Modeling |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Pakistan Development Update, October 2014 |
| title_short |
Pakistan Development Update, October 2014 |
| title_full |
Pakistan Development Update, October 2014 |
| title_fullStr |
Pakistan Development Update, October 2014 |
| title_full_unstemmed |
Pakistan Development Update, October 2014 |
| title_sort |
pakistan development update, october 2014 |
| publisher |
Washington, DC |
| publishDate |
2015 |
| url |
http://documents.worldbank.org/curated/en/2014/10/23838550/pakistan-development-update http://hdl.handle.net/10986/21315 |
| _version_ |
1764447914919198720 |
| spelling |
okr-10986-213152021-04-23T14:04:01Z Pakistan Development Update, October 2014 World Bank ACCOUNTING AGGREGATE DEMAND AMORTIZATION ARREARS AUCTION AUCTIONS AUDITS AVAILABILITY OF CREDIT BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK DEBT BANK FINANCING BANKING SECTOR BANKING SYSTEM BASIS POINTS BENEFICIARIES BID BOND BOND INDEX BONDS BROAD MONEY BUDGETARY SUPPORT BULLET REPAYMENT BUSINESS CLIMATE BUSINESS CONFIDENCE BUSINESS ENVIRONMENT CAPITAL ADEQUACY CAPITAL FORMATION CAPITAL GAINS CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKET TRANSACTIONS CAPITALIZATION CASH HOLDINGS CASH RESERVE CASH TRANSFER CASH TRANSFERS CENTRAL BANK COMMERCIAL BANK COMMERCIAL BANK CREDIT COMMERCIAL BANKS COMMODITY COMMODITY PRICES CONCESSIONARY TAX CONSUMER PRICE INDEX CONSUMPTION EXPENDITURES CORPORATE GOVERNANCE COUNTRY RISK CREDIT BUREAU CREDIT QUALITY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DEBT ISSUE DEBT MANAGEMENT DEBT MATURITY DEBT RATIO DEBT SERVICE DEBT STOCK DEVELOPMENT BANK DISBURSEMENT DOMESTIC BANK DOMESTIC BORROWING DOMESTIC DEBT ECONOMIC DEVELOPMENTS ECONOMIC PERFORMANCE ECONOMIC REFORM EQUIPMENT EQUITY MARKET EUROBOND EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORT COMPETITIVENESS EXPORT GROWTH EXPORT MARKET EXPORT PERFORMANCE EXTERNAL DEBT EXTERNAL FINANCING FINANCIAL INFLOWS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR DEVELOPMENTS FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FIXED RATE FOREIGN ASSET FOREIGN ASSETS FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE RESERVE FOREIGN EXCHANGE RESERVES FOREIGN INFLOWS FOREIGN INVESTORS FOREIGN PORTFOLIO FOREIGN PORTFOLIO INVESTMENT GOVERNMENT BORROWING GOVERNMENT BORROWINGS GOVERNMENT EXPENDITURES GOVERNMENT GRANTS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROWTH RATE HUMAN RESOURCE IMMUNIZATION INCOME INFLATION INFLATION EXPECTATIONS INFLATION RATE INFLATIONARY PRESSURE INFLATIONARY PRESSURES INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE PROJECTS INSURANCE INTEREST PAYMENTS INTEREST RATE INTEREST RATE SPREADS INTERNATIONAL BANK INTERNATIONAL BOND INTERNATIONAL BOND MARKET INTERNATIONAL CREDIT INTERNATIONAL CREDIT RATINGS INTERNATIONAL DEBT INTERNATIONAL DEBT MARKETS INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL RESERVE INTERNATIONAL RESERVES INVESTING INVESTMENT ASSETS INVESTMENT CLIMATE INVESTMENT CLIMATE REFORMS INVESTMENT DECISIONS INVESTMENT RATE INVESTMENTS IN GOVERNMENT SECURITIES ISSUANCE LOAN LOAN PORTFOLIO LOAN SIZE LOCAL CURRENCY MARKET PRICE MARKET PRICES MATURITY MFI MICRO-INSURANCE MICROFINANCE MICROFINANCE INSTITUTIONS MICROFINANCE SECTOR MONETARY FUND MONETARY POLICY NATIONAL INVESTMENT NATIONAL SAVINGS NON-PERFORMING LOANS OIL PRICES PERMANENT SHOCK POLITICAL UNCERTAINTY POLITICAL UNREST PORTFOLIO PORTFOLIO INVESTMENT PRICE STABILITY PRIVATE INVESTMENT PRIVATE INVESTORS PRIVATE SECTOR CREDIT PRIVATE SECTOR GROWTH PRIVATIZATION PRIVATIZATIONS PRIZE BONDS PUBLIC DEBT PUBLIC FINANCE PUBLIC INVESTMENT RECURRENT EXPENDITURE REFORM PROGRAM REGULATOR REMITTANCE REMITTANCES RESERVE REQUIREMENT RESERVES RETURN RETURN ON ASSET RETURNS SAVINGS RATE SETTLEMENT SINKING FUND SOCIAL DEVELOPMENT SOCIAL PROTECTION SOVEREIGN BOND SOVEREIGN BONDS STATE BANK STOCK EXCHANGE STOCK EXCHANGES STOCKS SUKUK SUSTAINABILITY ANALYSIS T- BILLS T-BILL TAX TAX COLLECTION TAX EXEMPTIONS TAX RATES TECHNICAL ASSISTANCE TIME DEPOSITS TRADE BALANCE TRADE DEFICIT TRADING TREASURY TREASURY BILL TREASURY BILL AUCTION TREASURY BILLS TURNOVER UNION UNIVERSAL ACCESS VERTICAL INTEGRATION VOLATILE EXCHANGE RATE VOLATILITY WORKING CAPITAL YIELD CURVE For 2013 progress in Pakistan was significant and supported by a solid economic reform program of the Government of Pakistan. An IMF Extended Fund Facility (EFF) and two World Bank Development Policy Credits with a focus to restructure the energy sector, foster private and financial sector developments and improve social protection and revenue mobilization reinforced the reform program. The risk of a balance of payment crisis was minimized with a significant strengthening of the international reserves position. This mainly resulted from strong remittances and significant foreign capital inflows, which also brought stability in the foreign exchange market. A strong fiscal consolidation was achieved; the fiscal deficit was contained at around 5.5 percent of GDP - due to improved tax collection, high non-tax revenues, and restricted (current and development) expenditures. Price stabilization followed with average inflation remaining in single digits. This environment favored growth recovery, with the GDP growth rate above 4 percent for the first time in seven years - driven by dynamic manufacturing and service sectors supported by better energy availability and improved investors' expectations. As a result, performance under the IMF program remained satisfactory, with the Third Review concluded on June 27. However, since mid-August, the ongoing political uncertainty has negatively affected the macroeconomic stance and may modify the pace and depth of reforms. Some salient features of FY2013/14 economic performance were: growth re-emerged; increased remittances, capital and financial inflows supported a buildup of reserves; a significant correction of a previously loose fiscal stance took place; fiscal consolidation and improvement in business confidence produced a strong recovery in credit to the private sector, after five years of muted growth; price stability - with CPI inflation in single digit - was preserved; and progress on the structural reform agenda was promising. The political events following the mid-August Long-March and Sit-in may have affected the economy, and it also remains to be determined how much the pro-reform momentum, so carefully gathered during the past fiscal year and entering a decisive second year, will be affected by the civil unrest, but new investors' confidence-building measures will have to be nurtured to reinvigorate the reform agenda. 2015-01-21T14:46:08Z 2015-01-21T14:46:08Z 2014-10 http://documents.worldbank.org/curated/en/2014/10/23838550/pakistan-development-update http://hdl.handle.net/10986/21315 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ Washington, DC Economic & Sector Work :: Economic Updates and Modeling South Asia Pakistan |