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Saturday, July 13, 2024

Pakistan economy is growing despite region’s ‘negative growth’: Hammad

The Federal Minister for Economic Affairs, Hammad Azhar said on Monday that Pakistan exports witnessed a double-digit growth in the month of February, whereas imports showed a significant decline.

The announcement comes amid Pakistan Consumer Price Inflation (CPI) declined by 1.04 percent in the month of February 2020 as compared to January 2020, it was learnt here on Monday. As per the latest data released by the Pakistan Bureau of Statistics, for the month of February 2020, the rate of inflation in February on yearly basis stood at 12.4 percent.

On monthly basis, the Urban CPI recorded a decreased of 1.09 percent, while Rural CPI recorded a decrease of 0.97 percent

Asian Development Bank shows faith in Pakistan’s Economy

The Asian Development Bank (ADB) has approved an emergency loan of $1 billion in immediate budget support to Pakistan to shore up the country’s public finances and help strengthen a slowing economy, according to a press release on Feb 28.

The quick dispersing Special Policy-Based Loan is part of a comprehensive multi-donor economic reform program led by the International Monetary Fund (IMF) to stabilize Pakistan’s economy after a major deterioration in its fiscal and financial position in mid-2018 caused growth to slump and threatened progress in alleviating poverty.

ADB’s financing was approved after the government implemented a series of IMF-supported reforms and actions to improve its current account deficit, strengthen its revenue base, and protect the poor against the social impact of the economic crisis.

Read more: Failure in the conservation of water will make Pakistan a failed state: Pakistan Economy Watch

ADB is committed to providing wide-ranging support to strengthen Pakistan’s economy and reduce the risk of external economic shocks,” said ADB Director General for Central and West Asia Mr. Werner Liepach. “These funds will meet the government’s emergency financing needs to prevent significant adverse social and economic impacts and lay the foundations for a return to balanced growth.”

The economic position has become so dismal and debt burden is so heavy that the incumbent government has so far been unable to fulfill any of its promises. The economy is in the tight grip of IMF and the sword of FATF hangs over the head of Pakistan. Whatever little improvements made in the macro-economic have brought no relief to the people.