ISLAMABAD (DL News) – The International Monetary Fund has forecast that Pakistan’s economic growth could reach to 3.5 per cent in the current fiscal year (FY 2023-24).
The global lender said the country’s economic growth remained 0.3 per cent in the previous fiscal year.
According to a report, the power generation in August was registered 14 per cent, diesel sale 11 per cent, petrol sale 8 per cent, cement sale 45 per cent, urea sale 49 per cent and auto sales 18 per cent. Similarly, Pakistan registered 1.15 per cent exports growth to US $ 2.40 billion in 2023.
Pakistan Petroleum Limited marked a growth of 42 per cent. The growth of cotton production was registered 72 per cent, wheat production reached to 28 million tons and rice production is expected to touch 9 million tons.
During last two months, the greenback registered a decline of Rs 50 as Pak rupee turned up a strong currency against the dollar. Crackdown against the illegal immigrants, smuggling and hoardings also helped improved the economic condition of Pakistan.
In the month of September, the trade deficit reduced 48.2 per cent and Pakistan could save 5 billion US dollar forex due to the improved crop production. Besides, Pakistan would seek loan amounting 1.4 billion US dollars from the IMF, World Bank and International Development Bank.
