Pakistan's budget deficit could come down to 6.1pc from 6.8pc


Washington: The International Monetary Fund (IMF) has predicted the acceleration of Pakistan's economic development and reduction in inflation and unemployment.
After the approval of a new loan of $7 billion, the IMF has issued a report on the Pakistani economy, in which it is said that the pace of economic growth may increase to 3.2 percent in the current fiscal year, while the economic growth in Pakistan last fiscal year was 2.4 percent.
According to the IMF report, the average inflation rate in Pakistan is likely to decrease from 23.4 to 9.5 percent, while unemployment in Pakistan is estimated to decrease from 8 percent to 7.5 percent.
The report said that Pakistan's budget deficit could come down to 6.1 percent from 6.8 percent, but the rate of debt owed by the government, including the IMF, is likely to increase, with debt to GDP rising from 69.2 percent to 71.4 percent, while the current fiscal year raw foreign exchange reserves may increase to $12.75 billion.
In an article written in an English newspaper, IMF Mission Chief Nathan Porter said that last year there was a welcome return to economic stability in Pakistan and growth has resumed.
He stated that inflation has fallen dramatically, the exchange rate has remained stable, and foreign reserves have more than doubled.
The IMF mission wrote that the pace of change is remarkable given the extreme external pressures and uncertainties facing Pakistan in mid-2023.
Nathan Porter further wrote that progress towards sustainable and robust development is still a challenge for Pakistan as every step taken in the past has left Pakistan more vulnerable and indebted.

NCAA, Venmo partner on college athlete abuse
- an hour ago

Kobo replaces Pocket with Instapaper on its e-readers in a free update
- 2 hours ago

FBR issues new rules for online businesses
- 10 hours ago

Anthropic will start training its AI models on chat transcripts
- 2 hours ago
PM Shehbaz arrives in Tianjin, China, for official visit
- 13 hours ago

US President Trump cancels visit to India
- 9 hours ago
Three dead as protesters set fire to council building in Indonesia
- 12 hours ago
KP to install panic buttons to combat harassment of women
- 13 hours ago
Trump hints at further delay in TikTok’s sale deadline
- 10 hours ago

Karachi imposes complete ban on heavy traffic for 11th, 12th Rabi-ul-Awwal
- 10 hours ago

FIA arrests human smuggler with 6 Afghan nationals in Quetta
- 13 hours ago

Patriots releasing veteran S Peppers, source says
- an hour ago