Pakistan: GDP growth rate likely to be reduced by five percent

Pakistan: GDP growth rate likely to be reduced by five percent

Government of Pakistan says to seek assistance from International Monetary Fund (IMF) Due to the tight budget for Pakistan, Pakistan's GDP growth rate will slow to 5% in the next fiscal year starting July 1, from 5.9% in the previous fiscal year.

This estimate is made by the Ministry of Planning before the annual budget to be presented on June 10.

“Given the uncertain economic environment at home and abroad, GDP growth will slow slightly and agriculture (3.9 per cent), manufacturing (7.1 per cent) and services,” the ministry said in a working paper viewed by Reuters.

The document states that financial stability will be maintained by reducing expenditures and raising revenues to reduce the deficit.

Pakistan's foreign reserves have fallen sharply in recent months to 9. 9.7 billion, while double-digit inflation and current account Due to the growing deficit, it is facing severe difficulties On the other hand, Moody's has also downgraded Pakistan's outlook from stable to negative.

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Past Pakistan is awaiting the approval of a ارب 6 billion aid package from the IMF board after talks between the two sides are completed in Doha in the month.

The fiscal deficit widened to 4% of GDP between July and March of the current fiscal year ending in June this year, compared to 3% of GDP in the same period last year.

According to the document, the current account had a deficit of 13 13.8 billion (3.5% of GDP) from July to April of the current financial year.

The average inflation during July-May of the current financial year was recorded at 11.3% as against 8.8% in the same period last year.

April The new government of Prime Minister Shahbaz Sharif, who took over after ousted Prime Minister Imran Khan, says he will be ousted. The economic crisis is inherited.