The finance minister of Pakistan said that Pakistan’s economy is on course to achieve a 5% growth target. Pakistan’s economy is on the right path to achieving sustainable economic growth. According to top officials, it will also help the country get rid of the IMF in September.
According to the finance ministry, Pakistan's economic performance was strong and that it was still in a revolution. The finance ministry released the monthly economic update and outlook for March 2022. The monthly report states that Pakistan’s performance remained strong, and a growth target of 5% is expected in the current fiscal year.
If the growth trend continues in the next few months, manufacturing and exports will expand. It also says that the current account deficits and inflation are still under pressure.
The government is taking measures to limit further increases in the cost of living. Government measures improve exports by limiting imports. It will contribute to constraining the current account deficit.
Recent geopolitical risks, like the Russia-Ukraine issue, are significant risk factors for Pakistan’s economy. Likewise, domestic political situations are also a substantial risk for a country. A further increase in these risks will hamper positive economic growth. It can also lead to aggravating macroeconomic imbalances.
The monthly economic outlook also mentioned that wheat production is expected to be near the allocated target. It will also increase the availability of pesticides, seeds, irrigation water, etc.
Pakistan has increased the wheat support price. The government increased the price from RS 1,950 to 2,200 per 40 kg for rabi crops from 2021 to 2022. The large-scale manifesting side was recorded at 7.6%, compared to last year’s 1.8%. Car production and sales increased by 61.6% and 57.5%.
Remittances to and from a country rose 7.6% in the first eight months of 2022, to $20.1 billion, the finance ministry says. Exports have also increased to $20.6 billion, up 28%. Imports also surged, reaching $47.9 billion in eight months.
The current account deficit recorded from July to February was $12.1 billion. The monthly report also states that foreign investment, including FDI and portfolio investment, rose to $1.8 billion. FBR revenue was also recorded at RS 3802 billion. Non-tax revenue and PSDP decreased by 16% and 21%, respectively. The fiscal deficit of the country also surged to RS 1862 billion.
He elaborated and said the government’s economic reforms had revived sick industries, boosted exports, and improved the performance of the agriculture sector. However, the country needs to enhance its saving rate and revenue collection.
Plan to create 10 million jobs.
The finance minister of Pakistan said that the government concentrates on raising productivity by reviving industries and improving the agricultural sector. He said we would like to merge our industrial sector and entice foreign investment into primary trades. China will also move its portion of industrial units into economic zones.
It will create more job opportunities in Pakistan. China has planned to move up to 85 million jobs abroad in the next ten years. We asked the Chinese government to move at least 10 million jobs to Pakistan by moving industrial units to economic zones.
Inflation check
The finance minister said that commodity prices are high in international markets, and the government is making all efforts to minimize the impact of inflation on the average person.
He said that crude prices crossed $100 a barrel. The prices of edible oil are also trading in prime territory. We have minimized the petroleum development levy and introduced stringent measures to absorb the price shocks of the super cycle.
He further said that prices would come down in the forthcoming months after freezing petrol prices and electricity surcharges at their present levels.
Rupee stability
The minister said that the rupee is stable at its current level, and there will be no more rupee devaluation. The rupee-dollar parity reflects the market’s tendencies, and it is unlikely to face significant volatility. With normal fluctuations against the US dollar, the rupee will trade in the normal range.
Image by Gerd Altmann from Pixabay
According to the finance ministry, Pakistan's economic performance was strong and that it was still in a revolution. The finance ministry released the monthly economic update and outlook for March 2022. The monthly report states that Pakistan’s performance remained strong, and a growth target of 5% is expected in the current fiscal year.
If the growth trend continues in the next few months, manufacturing and exports will expand. It also says that the current account deficits and inflation are still under pressure.
The government is taking measures to limit further increases in the cost of living. Government measures improve exports by limiting imports. It will contribute to constraining the current account deficit.
Recent geopolitical risks, like the Russia-Ukraine issue, are significant risk factors for Pakistan’s economy. Likewise, domestic political situations are also a substantial risk for a country. A further increase in these risks will hamper positive economic growth. It can also lead to aggravating macroeconomic imbalances.
The monthly economic outlook also mentioned that wheat production is expected to be near the allocated target. It will also increase the availability of pesticides, seeds, irrigation water, etc.
Pakistan has increased the wheat support price. The government increased the price from RS 1,950 to 2,200 per 40 kg for rabi crops from 2021 to 2022. The large-scale manifesting side was recorded at 7.6%, compared to last year’s 1.8%. Car production and sales increased by 61.6% and 57.5%.
Remittances to and from a country rose 7.6% in the first eight months of 2022, to $20.1 billion, the finance ministry says. Exports have also increased to $20.6 billion, up 28%. Imports also surged, reaching $47.9 billion in eight months.
The current account deficit recorded from July to February was $12.1 billion. The monthly report also states that foreign investment, including FDI and portfolio investment, rose to $1.8 billion. FBR revenue was also recorded at RS 3802 billion. Non-tax revenue and PSDP decreased by 16% and 21%, respectively. The fiscal deficit of the country also surged to RS 1862 billion.
No More IMF Help
According to the finance minister, the only way to stop relying on the IMF is to grow at a rate of five to six percent every year. He also said that we are sure we can meet this goal under the leadership of Prime Minister Imran Khan.He elaborated and said the government’s economic reforms had revived sick industries, boosted exports, and improved the performance of the agriculture sector. However, the country needs to enhance its saving rate and revenue collection.
Plan to create 10 million jobs.
The finance minister of Pakistan said that the government concentrates on raising productivity by reviving industries and improving the agricultural sector. He said we would like to merge our industrial sector and entice foreign investment into primary trades. China will also move its portion of industrial units into economic zones.
It will create more job opportunities in Pakistan. China has planned to move up to 85 million jobs abroad in the next ten years. We asked the Chinese government to move at least 10 million jobs to Pakistan by moving industrial units to economic zones.
Inflation check
The finance minister said that commodity prices are high in international markets, and the government is making all efforts to minimize the impact of inflation on the average person.
He said that crude prices crossed $100 a barrel. The prices of edible oil are also trading in prime territory. We have minimized the petroleum development levy and introduced stringent measures to absorb the price shocks of the super cycle.
He further said that prices would come down in the forthcoming months after freezing petrol prices and electricity surcharges at their present levels.
Rupee stability
The minister said that the rupee is stable at its current level, and there will be no more rupee devaluation. The rupee-dollar parity reflects the market’s tendencies, and it is unlikely to face significant volatility. With normal fluctuations against the US dollar, the rupee will trade in the normal range.