Pakistan climbing to the emerging-markets club: report

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ISLAMABAD, May 5 (APP): Pakistan’s economic reform programme is
starting to bear fruit amid expectations the country will soon join the MSCI emerging markets (EMs) index.
Since 2013, the country has worked with the International Monetary Fund (IMF) to stabilize its economy, making “significant progress” in strengthening macroeconomic stability by reducing the budget deficit and rebuilding foreign-exchange reserves, a London-based magazine `Euromoney’ reported on Thursday.
“Fiscal consolidation has been at the heart of the programme. The
authorities have made significant progress bringing the fiscal deficit
(excluding grants) down from 8.5% of GDP in FY 2012/13 to 5.4% in FY 2014/15,” it states adding that they aim to reduce it further to 3.5% in 2016/2017, to shrink public debt.