IMF says Pakistan’s economy is on track
International Monetary Fund (IMF) stated that Pakistan's economy has successfully emerged from the 1998-99 crises and is growing at a steady pace; however more measures are needed to curb widespread poverty. According to the IMF, short-term economic outlook is positive with growth of around 6%, which is expected to continue over the 2004-2005 period. Pakistan's GDP (Gross Domestic Product) grew to 6.5% in 2003/2004 period on the back of exports, investment and consumption. On the other hand, poverty remains widespread and social indicators are weak in Pakistan, except these fundamental accomplishments, IMF said. IMF directors pointed out that Pakistan must take certain measures to increase social spending in order to reduce poverty. Consequently, IMF advised authorities to pursue more ravenous revenue target and to expand the tax base further in the services and agricultural sectors.