IMF highlights 'loopholes' in Pakistan's failure to increase exports
- By Web Desk -
- Jul 25, 2024
The International Monetary Fund (IMF) has identified loopholes in Pakistan’s failure to increase its exports, ARY News reported on Thursday, citing sources.
The international lender has handed over a report on trade to the government of Pakistan, according to which, Pakistan is extremely weak in increasing its exports.
Sources indicate that the report highlights restrictions on payments, obstacles in imports, and exchange rates as fundamental reasons for Pakistan’s poor export performance. The IMF advises that Pakistan should consider the trend of competition in global markets for both exports and imports.
To boost exports, the IMF emphasizes the need for further value addition in the production of local industries in Pakistan. Adopting modern technology is deemed necessary to enhance production and value addition in these industries.
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The report points out that Pakistan’s exports are significantly lower compared to Bangladesh, India, Vietnam, Thailand, and other countries. It suggests that Pakistan must increase its exports in sectors beyond textiles and agricultural products.
In response, the IMF has requested a comprehensive economic plan from Pakistan’s economic team to address these challenges and enhance export performance, sources from the Ministry of Commerce report.