Pakistan's economy extends losses during PM Shehbaz Sharif govt

ISLAMABAD: Economic condition of Pakistan has turned upside down in the last seven months since the new government came into power, ARY News reported, quoting well-placed sources.

According to details, the ouster of Imran Khan has brought economic turmoil as the sources say that $730 million have been withdrawn from Naya Pakistan Certificate, while the investment has also decreased by 46%.

Sources say that the foreign exchange reserves of the State Bank decreased by 27%, in the last 7 months, reserves of the State Bank decreased by $2.8 billion to $7.9 billion, the foreign exchange reserves of commercial banks also decreased by 6 per cent to 340 million dollars.

According to sources, the total foreign exchange reserves of the country decreased by 19%. After the decrease of 3.2 billion dollars, the reserves stand at $13.7 billion.

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Furthermore, during the last seven months, the rupee devalued by 40.3 against the US dollar and reached 223.2 rupees.

Inflation has also doubled in the last seven months’ rule of the incumbent government, the inflation rate has increased from 13.4 to 26.6%. Petrol has become expensive by Rs 35 to Rs 225 per litre while diesel has become expensive by Rs 85 to Rs 235 per litre. 

Exports in April 2022 were 2.7 billion dollars, while exports in October 2022 shrunk to $2.3 billion, textile exports were $1.76 billion in April 2022, which decreased to 1.42 billion dollars in October 2022.

In April 2022, the remittances of overseas Pakistanis were $3.1 billion, which also shrunk to $2.2 billion in October 2022.