Economic outlook report shows 13% drop in remittances

ISLAMABAD: The Economic Outlook report showed that the remittances dropped by thirteen percent drop to $22.7 billion in April-July 2022-23, ARY News reported.

The Finance Ministry issued the economic outlook report for April, which shows a drop in remittances, industrialization and imports of the country.

According to the report, Pakistan’s imports dropped by 23% to $45.2 billion, and the country’s exports dropped by 13.6% to $23.2 billion. Foreign direct investment (FDI) has decreased by 23.2 percent to $1.1 billion.

Earlier today, Finance Minister Ishaq Dar said that Pakistan’s agreement with the International Monetary Fund (IMF) for the programme’s 9th review has not been finalised yet.

During [the previous tenure of] PML-N government, we stabilized the national economy within three years. Rupee was stable and financial institutions acknowledged the economic status of Pakistan. In 2017, Pakistan was going to become the 24th strong economy in the world which unfortunately fell to 47th number in 2022.”

“For staff-level agreement, we have fulfilled all conditions set by the IMF. However, the programme’s 9th review is still pending. We are continuously making efforts to improve the economic situation. It is a difficult time for the economy but there is no need to worry.”