Pakistan PM Shebhaz Sharif has said arrangement will help 'strengthen foreign exchange reserves, enable Pakistan to achieve economic stability & sustainable economic growth'.
The IMF added that without changes in the budgetary framework, the staff-level agreement cannot be achieved. This framework could pave the way for the approval of the 2023-24 budget.
The meeting on the sidelines of the Global Financing Summit in Paris came with about a week left before the IMF's Extended Fund Facility (EFF) agreed in 2019 expires on 30 June.
Already 114 central banks are at some stage of CBDC exploration, 'with about 10 already crossing the finish line', IMF Managing Director Kristalina Georgieva said.
The country is reeling from an economic crisis with inflation surging to 37.97% in May, posting a record for the second consecutive month and also the highest in South Asia.
Medium-term impact of pandemic means some lowering of India's sustainable growth rate is inevitable. The fact that we are fastest-growing in the world is only a relative benchmark.
Such substitution from fiat currencies can make monetary policy less effective, pose threat to nations' financial stability. Policymakers must improve trust in banking systems, currencies.
The International Monetary Fund however warns that there are several downside risks to this outlook and that Asian economies should not become complacent.
In its report, the IMF forecast global real GDP growth at 2.8% for 2023 and 3% for 2024, marking a sharp slowdown from 3.4% growth in 2022 due to tighter monetary policies.
Islamabad-based think-tank PICSS's new report says Pakistan saw 'pronounced escalation' in violence last year, with 3,413 conflict-related deaths compared to 1,950 in previous year.
Many of you might think I got something so wrong in National Interest pieces written this year. I might disagree! But some deserve a Mea Culpa. I’d deal with the most recent this week.
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