IMF bemoans Pakistan's attempts to raise exports
Business
Pakistan is a very weak country as compared to countries in region so far as exports are concerned
ISLAMABAD (Dunya News) – The International Monetary Fund (IMF) has expressed dismay at Pakistan authorities for taking steps to hike its exports.
Pakistan is a very weak country as compared to other countries in the region so far as exports are concerned, observed the lender in its report on the country.
The report mentioned payment restrictions, tariff and non-tariff barriers to imports, and inconsistent exchange rate as the main reasons for Pakistan's low exports.
The IMF report recommended that “Pakistan should take into account the atmosphere of competition in the global markets for exports and imports, add more value to the goods produced in the local industries to enhance exports, and adopt modern technology for increasing the production and value addition.”
The report said that Pakistan's exports are very low as compared to Bangladesh, India, Vietnam, Thailand and other countries in the region. Moreover, the demand of Pakistani products in the global market is not at par with competitors in the region.
It stressed that besides textile and agricultural products, Pakistan has to increase its exports in other sectors also.
Meanwhile, sources in the Ministry of Commerce said that the IMF has sought a plan from the economic team of Pakistan for enhancement of exports.
