According to a Baaghi TV report, Prime Minister Imran Khan gave good news about Pakistan’s economy in a tweet, saying, “There is more good news for Pakistan’s economy that remittances from Pakistanis abroad will reach $2768 million in July 2020.”
More good news for Pak economy. Remittances from overseas Pakistanis reached $2,768 mn in July 2020, highest ever amount in one month in the history of Pakistan. This is 12.2% increase over June 2020 and 36.5% increase over July 2019.
— Imran Khan (@ImranKhanPTI) August 17, 2020
This is the highest amount in a month in the history of Pakistan, an increase of 12.2% during June 2020 and 36.5% over July 2019.
It is pertinent to note that in recent days, contrary to the financial adjustments, the SBP has significantly reduced the discount rate. It has had an impact on the stock exchange, which has crossed the 40,000-point mark, which analysts are calling an improvement.
In the current difficult economic situation, the country’s external needs have decreased and foreign exchange reserves have increased.
On the other hand, the trade deficit also fell to 1.1% of GDP due to the decline in imports, which was equivalent to 4.8% of GDP in the previous financial year. In the case of Covid-19, it is difficult to achieve the required financial adjustment despite strict measures.
The economy is in a difficult situation. Large scale manufacturing declined by 10.2% in the last financial year. Many businesses closed and a large number of people lost their jobs.
The short story is that the government is trying to revive the IMF program and the IMF may demand a financial adjustment from it. In this situation, the recovery of the economy is a challenge for the political administration.
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