The International Monetary Fund (IMF) has released a report on Pakistan’s economy.
According to the IMF report, the current fiscal year GDP rate is predicted to be 2 percent, the next fiscal year GDP rate is expected to be 3.5 percent.
According to the report, unemployment rate is expected to be 8% this fiscal year, unemployment rate is predicted to be 7.5% next fiscal year.
In the report, the inflation rate in the current fiscal year is expected to be 24.8 percent and the inflation rate in the next fiscal year is expected to be 12.5 percent.
IMF team reached Pakistan to discuss two different bailout packages
According to the IMF, exports are expected to exceed $31.20 billion this fiscal year, while exports are expected to exceed $34.41 billion in fiscal year 2024-25.
The IMF did not specify the date of the visit, nor the size or duration of the program.
“The acceleration of reforms is now more important than the size of the programme, which will be guided by the package of reforms and the balance of payments,” the IMF statement said.
Pakistan narrowly avoided default last summer and its $350 billion economy has stabilized since the end of the last IMF program.
Pakistan is still dealing with a fiscal shortfall, while it has controlled its external account deficit through import controls.
Sources in the Ministry of Finance say that the market exchange rate is important to counter external financial risks, progress on economic reforms and tighter monetary policy will be needed, reforms in deficit-prone government institutions are needed and measures to combat climate change are needed. shall be.
Finance Ministry sources say that Pakistan is facing major economic challenges before negotiating, the businessman-friendly scheme launched at the suggestion of the IMF has failed, the federal government has planned to bring millions of businessmen into the tax net under this scheme. What was promised?
According to sources, the FBR is in an unusual situation following the removal of senior officers, it will be a challenge to satisfy the IMF on the recent decline in FBR’s tax collections.
It should be noted that yesterday the State Bank of Pakistan received the last installment of one billion 100 million dollars from the International Monetary Fund (IMF) under the Standby Arrangement (SBA) while a day before that. The IMF’s Executive Board approved its release.
Prime Minister’s meeting with IMF Managing Director, determined to bring the country’s economy back on track through wise policies
It should be remembered that a few days ago, Finance Minister Muhammad Aurangzeb revealed at the end of his week-long visit to Washington, USA, that the International Monetary Fund (IMF) team for negotiations on a new loan program in May. He is likely to visit Pakistan by the middle.
Mohammad Aurangzeb had said that the details of the new program will be clarified later, we will start discussing the details of the program in mid-May.
While addressing the journalists at the Pakistani embassy, Mohammad Aurangzeb said that Pakistan is asking for a new loan package of 6 to 8 billion dollars from the IMF. , will prioritize the program.
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2024-05-02 20:40:39