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Pakistan

Coronavirus to put additional pressure on Pakistan economy, Qureshi

The pandemic has brought economic activity in the country to a standstill and has reduced Pakistan’s exports.
23 Apr 2020
  • The pandemic has brought economic activity in the country to a standstill and has reduced Pakistan’s exports.
  • Pakistan's testing capacity will reach twenty to thirty thousand by May, says Qureshi.

Foreign Minister Shah Mahmood Qureshi has said the coronavirus pandemic, which has badly affected the world’s economy, will also put additional pressure on Pakistan's economy

In a statement on Thursday, FM Qureshi said that the pandemic has brought economic activity in the country to a standstill and has reduced Pakistan’s exports.

The State Bank of Pakistan (SBP) expects Pakistan’s economy to contract by 1.5pc in FY20 before recovering to around 2pc growth in FY21, due to coronavirus shock. Whereas, the inflation rate is expected to be close to the lower end of the previously announced 11-12 percent range this fiscal year, and to fall to 7-9 percent range next fiscal year.

Qureshi said efforts are afoot to bring back the stranded Pakistanis in the Gulf at the earliest. Talking about government efforts he said that screening is being done at the airports and quarantine facilities have also been expanded there.

The Foreign Minister said that the opening of remaining airports has enhanced our capacity to bring back six to seven thousand Pakistanis from abroad every week.

The Foreign Minister said Pakistan has increased its testing capacity for coronavirus. He said we had an earlier testing capacity of three thousand but it will reach twenty to thirty thousand by May.