Pakistan's economic indicators improve in FY24: IMF
Business
The global lender said the country’s economic growth remained 0.3pc in the previous fiscal year
ISLAMABAD (Dunya News) – The International Monetary Fund (IMF) has forecast that Pakistan’s economic growth could reach to 3.5 per cent in the current fiscal year (FY 2023-24).
The global lender said the country’s economic growth remained 0.3pc in the previous fiscal year.
According to a report, the power generation in August was registered 14pc, diesel sale 11pc, petrol sale 8pc, cement sale 45pc, urea sale 49pc and auto sales 18pc. Similarly, Pakistan registered 1.15pc exports growth to $2.40 billion in 2023.
Pakistan Petroleum Limited marked a growth of 42pc. The growth of cotton production was registered 72pc, wheat production reached to 28 million tonnes and rice production is expected to touch nine million tonnes.
During the last two months, the greenback registered a decline of Rs50 as Pak rupee turned up a strong currency against the US dollar. Crackdown against illegal immigrants, smuggling and hoardings also helped improve the economic condition of Pakistan.
In the month of September, the trade deficit reduced 48.2pc and Pakistan could save $5bn forex due to the improved crop production.
Besides, Pakistan would seek loan amounting $1.4bn from the IMF, World Bank and the International Development Bank (IDB).
