External liquidity pressures should be manageable in the near term, despite the wider current-account deficit, given Pakistan’s adequate foreign-exchange reserves and success in accessing financing.
Economy
Pakistan’ economy rebounded during FY21, with real GDP growth rising to 3.9 percent. Importantly, this expansion in economic activity was accompanied by a 10-year low current account balance that contributed to a significant build-up in foreign exchange reserves.
Advisor to the Prime Minister on Finance and Revenue Shaukat Tarin has stressed the need for stabilising the exchange rate…
PM Imran Khan says increased tax collection only way to come out of vicious cycle of debt-loan repayment; govt to take it to Rs8,000 billion.
Says the “ruling elite” in Pakistan never wanted a tax culture to take root because they wanted to continue their lavish lifestyles.
Govt’s austerity campaign in full swing, premier adds.
Nobody knew about international prices of gas, which were quite high, says Tarin.
Pakistan’s petroleum and gas imports have reached a staggering $20bn per year, reveals Tarin.
Foreign gas companies have left Pakistan, local ones do not have money for the extraction process, says Tarin.
“Why no preemptive arrangements were made; while everyone in the government knew well that there will be a huge gas shortage in the winter months,” he added.
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ECC scraps two wheat import tenders for high prices