The International Monetary Fund (IMF) team has started analysis of Pakistan's economic statistics submitted by the finance ministry before assisting the government in finalisation of new five-year macroeconomic policy framework, informed sources told Business Recorder here on Sunday.
The IMF delegation, which arrived in Islamabad on September 12, will submit its recommendations by September 24 before leaving for Washington. "This is a beginning; the IMF has just started examination of economic data. We will enter into policy mode after September 18," the sources added. Asked if the IMF delegation will dictate about economic policies of present government, the sources said that Fund's delegation was here to assist Pakistan and not to dictate it. "Pakistan has drafted a new five-year macroeconomic policy framework, which will be reviewed by the IMF team," the sources added.
Sources said the IMF team will examine what steps the government has suggested to deal with economic crisis and what are shortcomings in proposed policy measures.
"They (IMF team members) will look into the targets fixed by the government along with policy measures to achieve those targets," the sources added. Sources said that IMF will also suggest actions to improve the proposed macroeconomic policy framework after completing analysis of performance of every sector.
Recently, Prime Minister Syed Yousuf Raza Gilani had attributed the increase in oil and electricity prices to the IMF and the World Bank. On the other hand, World Bank President Robert B. Zoellick had grilled Pakistan's economic team headed by the Prime Minister Special Assistant on Economic Affairs Hina Rabbani Khar for presenting exaggerated statistics of the country's economy to seek project and program loans.
Hina Khar was part of the official delegation accompanying Prime Minister Syed Yousuf Raza Gilani during his much talked about visit to the United States. The economic team, which met the World Bank president, comprising former Secretary Finance, Furrukh Qayyum and Jeved Talat, Pakistan Executive Director to the World Bank.
"Zoellick was very harsh with Pakistan's delegation for reportedly presenting a picture of the economy which was far away from the reality," the sources added. However, The IMF team visiting Islamabad is said to be cool and not using pressure tactics as was used in the past, said another official.