The International Monetary Fund (IMF) has directed Pakistan to evaluate the reliability of its import data after uncovering discrepancies of about $30–35 billion, prompting the IMF to introduce new requirements to enhance data accuracy.
An IMF staff report, released following the approval of the third $1 billion tranche under the Extended Fund Facility (EFF), revealed discrepancies of $30–35 billion in Pakistan’s import data over the past seven years.
The inconsistencies were found between trade figures reported by the Pakistan Bureau of Statistics (PBS) and those recorded in the State Bank of Pakistan’s (SBP) balance of payments.
The IMF emphasized the importance of improving Pakistan’s macroeconomic statistics, warning that shortcomings in data gathering and compilation could weaken economic planning and policymaking. Though the discrepancies are unlikely to significantly affect the balance of payments figures issued by the central bank, it stressed the need to reassess previously published data.
In response, the government has pledged to conduct a thorough review of import data sources and methodologies. Authorities have assured the IMF that, once approved by the relevant technical committees, updated figures and detailed explanations will be made publicly available.
The report highlighted ongoing efforts to enhance the quality of economic data, including the release of the agricultural census after 15 years, the completion of the labor force survey, and improvements in government finance statistics.
The IMF noted that work is also in progress to launch a new Producer Price Index and to conduct additional major surveys in the next fiscal year.
It emphasized that enhancing the speed, scope, and credibility of economic statistics is essential for Pakistan’s effective economic management and reform efforts.
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