IMF predicts development for Pakistan's economy

Islamabad: The International Monetary Fund (IMF) predicted a positive development for Pakistan's economy in the World Economic Outlook.

According to the details, foreign exchange reserves increased by $67 million on a weekly basis to $7.7 billion in the last few months, while external remittances through the Roshan Digital Account increased to $6.75 billion in October 2023.

On the other hand, after the investment from China, the total foreign investment has reached 126.3 million dollars.

In October 2023, bank deposits increased by a record $26.23 trillion. This month, IMF approved a loan of 70 billion dollars in view of Pakistan's better economic conditions.

According to the report, this month the stock exchange has also surpassed all previous records by crossing 57 thousand points. Pakistan's agricultural production also increased significantly by 73%, especially cotton production improved by 126.6%.

The crackdown of government against power theft made a recovery of Rs46 billion, while the IT export sector of Pakistan saw an increase of 3.3 percent.

It is pertinent to note that IMF has predicted a positive development for the economy of Pakistan in the World Economic Outlook. According to the report of IMF World Economic Outlook, the Gross Domestic Product (GDP) rate for Pakistan has been predicted to settle at 2.5 percent in the year 2024.

China has signed various agreements with Pakistan in areas such as trade, communication, transport, food security, media, urban development, capacity building, and climate change and vaccine development.

Saudi Arabia has signed an IT Memorandum of Understanding (MOU) with Pakistan for cross-border operations, manpower exchange and joint ventures.