Business
IMF releases report on Pakistan’s economic performance
Reports estimate that unemployment and average inflation rates decreased.
Washington: International Monetary Fund (IMF) has issued a report on Pakistan’s economic performance, projecting a decrease in unemployment and average inflation rates.
According to the report, the current fiscal year will witness a decline in unemployment rates. Additionally, the IMF forecasts a reduction in average inflation rates.
The IMF report has shed light on the government's claims regarding economic progress.
It suggests that Pakistan's economic growth rate for the year 2023-24 may remain at 2.5 percent. The government has set a target of 3 percent economic growth in the new budget.
However, the previous fiscal year witnessed a negative economic growth rate of 0.5 percent.
The government had claimed a positive GDP growth rate of 0.3 percent for that year. The IMF has approved a loan program of $3 billion for Pakistan.
The organization states that in 2024, unemployment may decrease to 8 percent or lower, while average inflation is expected to decline from 29.6 percent to 25.9 percent.
Report suggests that Pakistan's fiscal deficit may decrease by approximately 7 percent this year, with an estimated primary surplus of 0.4 percent.
The country's debt burden is anticipated to decrease from 81.8 percent to 74.9 percent.