PTI Govt doing better than IMF’s projection on macro-economic indicators

Syed Umarullah HussainiWeb Editor

30th Dec, 2019. 11:22 am
pti

Ministry of Finance said the PTI  government is doing much better than International Monetary Fund’s projection.

As per details, economic performance is much better with respect to most of the macro-economic indicators including inflation rate.

A spokesman of the Ministry in a statement said inflation rate expected to come down to around five percent in the mid-term of current fiscal year.

He said with regard to the external sector, significant improvement has been witnessed.

He said overall current account deficit shrunk almost two-thirds in first quarter of current fiscal year as compared last year.

The spokesman said current account deficit projected to decline to 2.4 percent of the GDP in current fiscal year, which is lower than earlier IMF forecasts of 2.6 percent.

Earlier, (IMF) said that economic reforms program of Pakistan is on track and has started to give fruitful results.

According to details, after Completion of IMF’s first review on Pakistan’s economic performance under the Extended Fund Facility, Executive Board of the IMF has made this observation.

IMF said that Pakistani authorities has implemented on decisive policy which is helping to preserve economic stability.

Earlier this month, the Pakistan’s economy seems to be stepping out of trouble and heading towards stability.

From the stock market to the currency market and the current account deficit, international credit rating agencies are all talking about economic stability of Pakistan.

The rupee strengthened against the dollar and reached at five-month high.

Currency dealers are expecting to receive a large amount of dollars from outside countries in the coming days, after which the value of the dollar will decline further.

Alice Wells on Pak Economy

The US Official Alice Wells had also appreciated improvement in Pakistan’s outlook by credit rating agency Moody’s.

Alice Wells serves as Principal Deputy Assistant Secretary for South and Central Asian Affairs.

The US diplomat credited the change due to the the reforms undertaken by the finance ministry.

The diplomat also appreciated the recent International Monetary Fund programme implemented by the country.

Moody’s Investors Services on Monday had revised Pakistan’s outlook from ‘Negative’ to ‘Stable’.

It announced bumping Pakistan’s outlook rating in a report and affirmed a B3 rating for the country.

It also confirmed that the economy’s future look stable as opposed to negative earlier.

The credit rating agency said it had positively revised outlook in light of further improvement in Pakistan’s balance of payments.

Adsence 300X250