Remittances and Exports Increase in First Five Months:Outlook Released

News Desk
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Islamabad (ANI): The Ministry of Finance has released its monthly economic outlook, reporting significant growth in remittances and exports during the first five months of the current fiscal year. According to the statement, imports, foreign investment, foreign exchange reserves, and the value of the Pakistani rupee have also shown improvement.

The report highlights a 33.6% increase in remittances compared to the previous fiscal year, reaching $14.77 billion in the first five months. Exports rose by 7.4%, while imports increased by 8.3% during the same period. Foreign investment saw a significant jump of 42.2%.

The State Bank of Pakistan’s financial reserves grew from $7.2 billion to $11.85 billion. Additionally, the Federal Board of Revenue (FBR) recorded a 23.2% increase in tax revenues over the past four months. Non-tax revenue saw a remarkable 101.3% rise, and the fiscal deficit for the period remained in surplus at PKR 495 billion.

The report also noted an 8.5% increase in agricultural sector loans, with inflation dropping from 29.2% in July-November last year to 4.9% this year. Large-scale industrial production showed a slight increase of 0.02% over the first five months.

These developments indicate positive trends in Pakistan’s economy, with improvements in key sectors contributing to overall growth.

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