IMF forecasts Pakistan's growth rate at 4% in FY22

IMF
The International Monetary Fund (IMF) has released the World Economic Outlook Report. The IMF’s World Economic Outlook report predicts that Pakistan s economic growth, inflation and current account deficit targets will not be met this year.

According to the report, the economic growth rate is projected to be 4 percent against the target of 4.8 percent this year and 4.2 percent next year. The GDP growth was 5.6 percent in the last fiscal year.

Read more: Foreign funding case: PTI questions 'incomplete' ECP's powers  

According to the report, inflation in Pakistan is likely to remain in double digits of 11.2 percent this year while the government had set an annual target of average inflation of 8 percent.

In addition, the current account deficit will reach 5.3 percent of GDP, while the target was set at 0.7 percent. On the other hand, the current account deficit is expected to reach about $19 billion.

According to the IMF s World Economic Outlook report, the unemployment rate in Pakistan was 7.4 percent last year, compared to 7 percent this year and 6.7 percent next year.

According to the report, the Ukraine-Russia war has created a global humanitarian crisis, the conflict has slowed down the global economy, and has had a negative impact on global commodity prices, trade and financial resources.



from latest-news - SUCH TV https://ift.tt/NkMoxvU

Comments

Post a Comment

Popular posts from this blog

Low payments by fed govt hampered development in Sindh, CM Murad tells Bilawal Bhutto

Image
Sindh Chief Minister Syed Murad Ali Shah and PPP Chairman Bilawal Bhutto Zardari had a meeting on Monday at the Bilawal House in Karachi. According to the Bilawal House spokesperson, the chief minister informed Bilawal Bhutto of the COVID-19 situation in the province along with measures taken by the Sindh Health Department to contain the virus. Speaking about the pace of development in the province, CM Murad Ali Shah told Bilawal Bhutto that progress has been largely hampered because of low payments made by the Federal government against Sindh's rightful share. Shedding light on areas where improvements were witnessed, the CM said that the Sindh government has surpassed its own tax collection targets this time. During the meeting, PPP Chairman said that he had instructed the Sindh government to start a recruitment drive for filling vacant positions, adding that all appointments must be made on the basis of merit so that the unemployed youth can benefit from the move. He also...
Read more

Taliban declare war in Afghanistan over, call for peaceful relations with world

Image
The spokesperson for the Afghan Taliban on Monday declared that the war in the country is over, saying that the group desires peaceful relations with the world. The statement comes a day after the Afghan Taliban entered Kabul as President Ashraf Ghani left the country, saying he wanted avoid bloodshed and conflict. The group respected women's and minorities' rights and freedom of expression within Sharia law, Spokesperson Mohammad Naeem added. Naeem said the Taliban wanted to have peaceful relations and was keen to develop several channels of communication it had already opened with foreign countries. "We ask all countries and entities to sit with us to settle any issues", he said in an interview with Al Jazeera TV. Two decades ago, the George Bush administration overthrew the Taliban from power in Afghanistan. Naeem said that no diplomatic body or headquarters was targeted in the Taliban's approach and the group would provide safety for citizens and diplo...
Read more

North Korea imported Chinese masks before declaring Covid victory

Image
North Korea imported more than 1 million facial masks and 15,000 pairs of rubber gloves from China in July, shortly before declaring victory over Covid-19, Chinese trade showed on Saturday. Pyongyang last week declared victory over the coronavirus, ending a little-detailed fight against “fever” cases that had risen to 4.77 million. It has registered no new such cases since July 29. Still, China exported 1.23 million facial masks to North Korea in July, worth $44,307, surging from 17,000 the previous month, according to data released by Chinese customs. From January to July, the last month for which data is available, the North bought more than 11.93 million masks from China, data showed. North Korea did not import any Covid-19 prevention and control products from China in May, the data showed. China’s overall exports to North Korea surged to $59.74 million in July from $19.05 million in June. Top exports were semi- or wholly milled rice, cigarettes, disodium carbonate and smoke...
Read more

Sindh govt seeks army's help in implementation of coronavirus SOPs

Image
The government of Sindh has sought help from the Pakistan Army in implementing coronavirus SOPs as cases of the virus surge across the country. The provincial government has written to the Ministry of Interior, seeking the army's help for the civil administration under Article 245 of the Constitution. Sindh government said it would inform the interior ministry about details regarding troop employment and equipment after holding consultations over the matter. On the other hand, Sindh information ministry Nasir Hussain Shah has warned that the provincial government will impose a lockdown if the situation turns alarming in Sindh. "The provincial government is ready; if [coronavirus] situation worsens, we will impose a lockdown," he had said on Saturday. A day earlier, army troops were deployed in Islamabad and Peshawar after PM Imran Khan announced their help would be needed in ensuring implementation of safety protocols. Officials of the Islamabad administration had...
Read more

Tareen-aligned PTI group meets PM, expresses reservations against Shahzad Akbar

Image
A group of PTI members that has extended its support to party stalwart Jahangir Tareen on Tuesday met with Prime Minister Imran Khan and expressed their reservations against aide on accountability Shahzad Akbar. Speaking to the media after the meeting with the prime minister, PTI MNA from Faisalabad Raja Riaz said that the prime minister has assured the group that he is "personally monitoring" the inquiry against Tareen and will see to it that justice is served. "We met the prime minister in a very cordial atmosphere. He has assured us that justice will be served after we expressed reservations over being singled out. The prime minister said there is no question of such treatment being meted out to anyone," Riaz said. "The prime minister has asked for some time and InshaAllah justice will be served," the PTI leader added. When asked what was discussed regarding Akbar, Riaz said that the group shared their reservations, after which "the prime min...
Read more

President Ashraf Ghani launches Afghanistan's coronavirus vaccine campaign

Image
Amid ongoing attacks by militants, Afghanistan on Tuesday launched its coronavirus vaccination drive with the hopes of inoculating thousands of Afghans against the disease that has wrecked havoc in the world. Doctors, security personnel, and journalists were among the first volunteers to receive doses of AstraZeneca's COVID-19 vaccine, donated earlier this month by India. "Today, I congratulate the people of Afghanistan for the launch of the first stage of COVID-19 vaccine [drive] with 500,000 doses of vaccines. This is a big opportunity for the people of Afghanistan," said Afghan President Ashraf Ghani as the first jabs were administered. "We don't expect any miracles, but let's help this campaign to be implemented justly," the country's acting health minister Waheed Majroh added. Afghanistan is believed to have been hit hard by the COVID-19 pandemic in the last year, but limited testing and a ramshackle healthcare sector have hampered its abi...
Read more

Biden administration fights for $1.9 trillion COVID-19 relief plan

Image
Officials in President Joe Biden’s administration tried to head off Republican concerns that his $1.9 trillion pandemic relief proposal was too expensive on a Sunday call with Republican and Democratic lawmakers, some of whom pushed for a smaller plan targeting vaccine distribution. Lawmakers from both parties said they had agreed that getting the COVID-19 vaccine to Americans should be a priority, but some Republicans objected to such a hefty package only a month after Congress passed a $900 billion relief measure. “It seems premature to be considering a package of this size and scope,” said Republican Senator Susan Collins, who was on the call with Brian Deese, director of the White House’s National Economic Council, and other top Biden aides. Collins said she agreed additional funding was needed for vaccine distribution, but in a “more limited” bill, and planned to discuss such a measure with other lawmakers. Senator Dick Durbin, the Senate’s No. 2 Democrat, said the call had ...
Read more

Biden urges calm in first call with Palestinian President Mahmoud Abbas

Image
US President Joe Biden urged calm between Israel and Gaza on Saturday and affirmed his support for a two-state solution in his first phone call with Palestinian President Mahmoud Abbas since taking office, the official Palestinian news agency said. Biden dispatched an envoy to the region on Friday to work for calm. Biden told Abbas the United States “is making efforts with the concerned parties to reach the goal” of reducing violence in the region, a summary of the call published by WAFA said. Biden also said the United States opposes the eviction of Palestinians from East Jerusalem’s Sheikh Jarrah, the summary said. President Biden also spoke to Israeli Prime Minister Benjamin Netanyahu Saturday and raised concerns about civilian casualties in Gaza and the bombing of the building that housed AP and other media offices. In Gaza, at least 144 people have been killed since Monday, including 39 children and 22 women. Israel’s army destroyed in an airstrike Saturday the 13-floor bu...
Read more

T20 World Cup: Green Shirts to face Australia in Semi Final on Sunday

Image
Pakistan defeated Scotland by 72 runs on Sunday, continuing their undefeated streak in the Super 12 stage of the T20 World Cup. There are two groups in the Super 12 stage — Group 1 and 2. The team which ended at the top of each group will play the team which ranked second on the other group's points table. Pakistan ended their group run on the top of the points table, while New Zealand were second. As a result, Pakistan will now face Australia in the semi-finals in Dubai, while New Zealand will go toe-to-toe against England in Abu Dhabi. Speaking after Pakistan's victory against Scotland, Babar said the driving force behind the team's undefeated streak was their unity and consistency. "Our plan to bat first bore fruits [...] Mohammad Hafeez also batted well today," he said. The skipper said the semi-final would take place in Dubai and over there, Pakistan has a lot of fans. "Due to the fans support, we will step in the ground with confidence." ...
Read more

Pakistan Army continued its relief and rescue operation in Karachi: ISPR

Image
Pakistan Army on Monday continued its relief and rescue operation in Karachi, Inter Services Public Relations (ISPR). According to a statement issued by the military’s media wing, the Army personnel removed rainwater from underpasses located at Golimar, Golimar and KPT, adding that these underpasses have been reopened for traffic. However, the dewatering process was continued in various areas inundated with rainwater, read the statement. The Army personnel were also shifting vehicles trapped in rainwater to safe locations and removing other obstacles from the major thoroughfares in order to ensure smooth flow of traffic in the city. The ISPR said that 32 medical camps and 56 relief camps were also established with the support of the civil administration. “Three field medical centres have been established in Qayyumabad, Surjani and Saadi Town, where affected people are provided medical facilities,” it said. Earlier on August 29, Pakistan Army’s engineers had continued de-waterin...
Read more