IMF predicts increase in Pakistan's trade deficit

WASHINGTON: The International Monetary Fund (IMF) has predicted an increase in Pakistan’s trade deficit.

According to details, the IMF has forecasted that in the next fiscal year, Pakistan’s trade deficit is expected to increase, with estimates of growth in both exports and imports.

The IMF has stated that in the new fiscal year, Pakistan’s trade deficit is likely to increase by $4.165 billion. Pakistan’s imports are estimated to increase by $5.517 billion, while exports are expected to rise by $1.352 billion.

According to the IMF, Pakistan’s trade deficit could increase to $27.923 billion.

The forecast for the new fiscal year predicts the volume of imports to be $60.48 billion, while Pakistan’s exports are estimated to be $32.56 billion in the next fiscal year.

In the current fiscal year, Pakistan’s trade deficit is expected to be $23.76 billion, with imports estimated at $54.96 billion. By the end of the current fiscal year, exports are expected to reach $31.2 billion.

Read more: IMF releases official statement after loan talks with Pakistan

Earlier, the International Monetary Fund (IMF) released an official statement following discussions with Pakistan. The statement confirms that Islamabad has formally requested a new loan program from the IMF.

The IMF delegation, led by Mission Chief Nathan Porter, visited Pakistan and held extensive negotiations from May 13 to May 23 to discuss the country’s economic improvements.

The statement highlights that the Pakistani government is making serious efforts to increase revenue and emphasizes the need for fair tax collection from privileged sectors.