Pakistan’s economic indicators improve - GulfToday

Pakistan’s economic indicators improve


Traders at the Pakistan Stock Exchange in Karachi. Agence France-Presse

Senator of Pakistan Tehreek-e-Insaaf (PTI) Faisal Javed Khan has presented improvement in the economy following the steps taken by the government during eleven months.

In a series of tweets, Senator Faisal Javed said the remittance has increased during the last eleven months. Remittances sent home by overseas Pakistanis increased 10% to $20.19 billion in 11-month period compared to $18.29 billion in the corresponding period of last year.

The senator said that current account deficit has dwindled down significantly.  The current account deficit has come down to $9.6 billion in July to March 2019 which was as $13.6 billion during the same period last year.

The current account deficit, the biggest challenge in our economy, has decreased by 29% to $12.68 billion.

Faisal Javed wished that if petroleum price in international market did not jack up, the situation of the current account deficit might have been different.   

Had the petroleum prices not hiked in international markets, the deficit would have dropped to $10 billion in Financial Year 2019.

Earlier, former Finance Minister of PTI Asad Umar also said that the steps taken by PTI-led government during last eleven month have left positive economic impact which convinced the International Monitory Fund (IMF) to soften its condition for loan to Pakistan.  He said that the government has introduced two mini budgets in this regard.

Disclosing some of the details of his talks with the IMF, Asad Umar said there were five main factors, electricity prices, gas prices, tax rates, policy rates of State Bank of Pakistan (SBP) and rupee devaluation, which were discussed during negotiations with the IMF before his resignation from the cabinet.

News Network International

Related articles