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Markets

Pakistan economy is underway of recovery: MoF Report

  • According to the report, the budget deficit reached Rs 484 billion.
28 Nov 2020

The Ministry of Finance says that in four months, inflation has come down, rupee has stabilized, remittances have increased, whereas, the trade deficit has increased by four percent to $6.7 billion.

Monthly economic update and outlook for November 2020 uploaded by the Finance Ministry, according to which many sectors of the country's economy are on the path of improvement, economic indicators improved in the first four months of the financial year.

According to the report, the budget deficit reached Rs 484 billion.

The report said that the confidence of the business community and consumers has been restored and economic growth is expected to improve.

According to the monthly update outlook report of the Ministry of Finance, remittances increased by 26.5pc to $9.4 billion. Foreign investment fell 50.7 percent, the trade deficit widened by 4 percent to $6.7 billion, while exports fell 10.3 percent and imports fell 4 percent.

According to the report, foreign exchange reserves exceeded $20.55 billion, from July to October, whereas, tax revenue stood at Rs 1,340 billion and non-tax revenue stood at Rs 356 billion, while government expenditure stood at Rs 1,963 billion.

Talking about the outlook, the report said that the Pakistan economy is underway of recovery. The MEI shows strong growth in the first four months of the current FY. Furthermore, based on current information, no significant deterioration in the balance of trade in goods and services is expected. Also, the inflow of workers remittances remains strong.