Finance Ministry Report: Pakistan’s Economy Moving Towards Stability
The finance ministry recently released its monthly outlook for July, highlighting positive trends in Pakistan’s economy. According to the report, the Consumer Price Index (CPI) inflation is heading towards single digits, reaching 12.6% in June 2024 compared to a historic high of 38% in May 2023.
The report emphasized that the economy is moving towards stability in fiscal year 2024, with decreasing inflation, a surplus in the primary fiscal account, a negligible current account deficit, and a stable exchange rate. This improvement is attributed to prudent fiscal and monetary management, as well as increased exports and remittances.
In addition, the report mentioned that the recent $7 billion extended fund facility with the International Monetary Fund (IMF) will further strengthen stability. Finance Minister Muhammad Aurangzeb also stressed the importance of export-led growth to avoid another balance of payment crisis, highlighting the need for structural reforms in the economy.
Overall, the report paints a positive picture of Pakistan’s economic trajectory, with encouraging signs of growth and stability on the horizon.