Details reveal that the IMF has predicted that Pakistan’s trade deficit will rise in the upcoming fiscal year due to increases in both exports and imports.
According to the IMF, Pakistan’s trade deficit is projected to rise by $4.165 billion in the upcoming fiscal year. It is projected that Pakistan will have a $5.517 billion increase in imports and a $1.352 billion increase in exports.
The IMF predicts that Pakistan’s trade deficit would reach $27.923 billion.
Pakistan’s exports are projected to reach $32.56 billion in the upcoming fiscal year, while the country’s imports are expected to total $60.48 billion.
Pakistan’s trade deficit is predicted to be $23.76 billion for the current fiscal year, while imports are projected to be $54.96 billion. The current fiscal year is predicted to close with $31.2 billion in exports.
Following talks with Pakistan, the International Monetary Fund (IMF) earlier issued an official statement. The declaration attests to Islamabad’s official appeal to the IMF for a fresh loan package.
From May 13 to May 23, the IMF mission, headed by Mission Chief Nathan Porter, visited Pakistan and engaged in lengthy talks about the nation’s economic advancements.
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The statement underscores the need for equitable tax collection from favored sectors and shows that the Pakistani government is working hard to raise money.