Wednesday, July 24, 2024

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    Federal Minister for Finance and Revenue Senator Muhammad

    Addressing a press conference at the launching ceremony of Economic Survey of Pakistan 2023-24, the minister said: “This situation indicates a remarkable turnaround from a precarious economic situation, characterized by a 0.2% GDP contraction, 29% rupee depreciation, and a shrinking foreign exchange reserves, which had declined to just two weeks’ worth of import cover.”

    He said, despite challenges in the large-scale manufacturing (LSM) sector due to interest rates and energy issues, the country’s GDP growth had found a silver-lining in the agriculture sector, which had been boosted by bumper crops. He said that the agriculture and the dairy and livestock sector were expected to remain a key driver of growth in the years to come.

    Talking about future programme with the IMF, the minister said Pakistan and IMF have had a productive and constructive dialogue during the fund’s recent visit. He said that the successful conclusion of the Stand-By Arrangement (SBA) has demonstrated Pakistan’s commitment to discipline, which had been acknowledged by the IMF.

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