InfoAnda - FACTBOX-Pakistan's economy

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World FACTBOX-Pakistan's economy Reuters - Wednesday, September 23 Send IM Story Print (For a Q+A on President Zardari's prospects, click on [nSP431731]; For full coverage of Pakistan, click on [ID:nAFPAK]) Sept 23 - Pakistani President Asif Ali Zardari is due to meet his country's main backers, including U.S. President Barack Obama, at a "Friends of Pakistan" meeting in New York on Thursday. (For a Q+A on the Friends of Pakistan meeting, click on [nSP58393]) Zardari rose to power after his wife, former prime minister Benazir Bhutto, was assassinated in late 2007. He faces a range of problems from Islamist militancy to the economy and political rivalry, as he begins his second year in power. Here are some facts about Pakistan's economy. * Pakistan is being propped up with a $7.6 billion loan from the International Monetary Fund over two years agreed in November. The IMF increased the loan by $3.2 billion last month. * Growth slid to 2 percent in 2008/09, barely outpacing population growth. The government expects growth of 3.3 percent this fiscal year, to the end of June 2010. The Asian Development Bank this week forecast growth of 2 percent in 2009 rising to 3 percent in 2010. * Allies pledged $5.7 billion in aid to Pakistan at a donors conference in Tokyo in April but only a fraction of that has trickled in, with donors wanting more details of how the money will be spent and questions over how well the fragile civilian government is functioning. * The IMF has urged donors to follow through on aid promised. * Some of the promised aid was meant to help provide a social security net and its absence had made it tougher for the government to implement spending on infrastructure, to reduce poverty and to help people displaced by fighting against militants, the IMF says. * One ramification of the shortfall was that the government has had to borrow from the banking system which has meant less funds were available for the private sector, it said. * The economy has shown signs of stabilising. Inflation in August eased to 10.69 percent, its lowest in 20 months, while the current account deficit in the first two months of the 2009/10 fiscal year was $527 million, compared with a deficit of $2.68 billion in the same period last year. * Foreign exchange reserves have risen to $14.36 billion compared with $6.6 billion in November of last year with remittances rising 31.78 percent to a record $780.53 million. * The main Karachi Stock Exchange index <.KSE> has gained 60.9 percent this year after losing 58.3 percent in 2008. The rupee <PKR=>, which fell 22.12 percent against the dollar in 2008, has lost 4.6 percent this year. * Revenue collection is weak and much of the tax burden falls disproportionally on the manufacturing sector and a small group of salary earners. The IMF has been urging the government to boost tax revenue and to implement quickly plans for a value added tax and to broaden tax administration reforms. * The Asian Development bank has called for effective measures to build a much larger export base that is sufficient to finance oil, machinery and other essential imports. * Problems in the energy sector, with demand outstripping generating capacity, are undermining growth potential and are a major burden on public finances. the IMF wants measures to help improve finances of the electricity sector through increases in prices. 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FACTBOX-Pakistan's economy
Q+A-What prospects for Pakistan's President Zardari?
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