Pakistan’s Union Finance Minister Shaukat Tareen has claimed that the country’s economy has grown in various sectors and said that the economic growth rate will reach 5 percent this year.
Speaking at a press conference in Islamabad on Sunday, he said the ongoing talks with the International Monetary Fund (IMF) would be completed next week and an agreement would be signed to receive the seventh tranche under the 6 billion loan program.
Economists say it is true that the current account deficit has improved and exports have increased, but do not accept the finance minister’s claim that Guinea’s economy will grow by 5% this fiscal year.
The finance minister said last month’s current account deficit stood at 54 54 crores, with exports up 28 percent and imports down 5. 5.2 billion from 6. 6.3 billion last month.
He also provided details of exports in the services sector, saying they had risen from 52 521 million to 52 527 million.
He said remittances had risen from 2. 2.144 billion to 1 2.190 billion and that this would increase further during Ramadan and Eid.
He added that such large industries also grew by 4 percent in January and now stand at 8.2 percent.
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He says all these figures show that the country’s economy is strong and will grow at a rate of 5 or more in the current financial year.
On the other hand, economists disagree with the finance minister’s claim.
Talking to Dewa, Dr. Ashfaq Hassan Khan, an economics researcher, said that while it was true that the current account deficit had improved and exports had increased, he believed that the country’s economy would grow by 3.5 or 4 percent.
Finance Minister Shaukat Tareen said they would receive a response from the International Monetary Fund (IMF) tomorrow and a final meeting with them would be held on the 9th.
He said the IMF had asked him where he could get the funds for the concessions on electricity and fuel prices to the people but he said “we have told the International Monetary Fund (IMF) how much the provinces will pay for this and what will come from other sources.” And agreements have been reached with the provinces in this regard.
He said talks with the International Monetary Fund would be completed next week and an agreement would be reached.
Pakistan signed a 6 billion loan program with the International Monetary Fund (IMF) in 2019 and has so far received about 3 3 billion in loans from this amount, and this is now about the seventh tranche of about 1 billion. Talks are ongoing.
The Finance Minister also said that various crops have grown well in the agriculture sector and hoped that this time the wheat crop would also grow by 6 percent.
He said the current account deficit has narrowed and the central bank’s foreign exchange reserves have reached 16 16.50 billion.
But economics correspondent Tahir Amin does not believe in government figures and tells Dewa that the PTI government has always shown artificial numbers.
He says the government paints a better picture of the economy’s efforts, saying that if debt and bank profits were taken out, the 16 16 billion in foreign exchange reserves would not be enough.
He says it could be 8 8 billion or 7 billion.
Responding to a question, Finance Minister Shaukat Tareen said he would not work with the new government if it came to power. “I am a member of the Pakistan Tehreek-e-Insaf (PTI) and a senator.
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