World News | Pakistan loses $7.15 billion as exports and remittances shrink

Islamabad [Pakistan]June 18 (ANI): Pakistan lost $7.15 billion in the first 11 months of the fiscal year (FY)-23 as exports and remittances shrank, Dawn reported.

Dawn is an English-language Pakistani newspaper.

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The Pakistani government has set a higher FY24 export and remittance forecast despite missing its target for the upcoming fiscal year.

Official data showed exports fell $3.491 billion to $25.380 billion in the July-May period of FY23, compared with $28.871 billion a year earlier.

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Similarly, remittances in the first 11 months of the fiscal year fell 12.8% to $24.831 billion, for a net loss of $3.658 billion.

The combined losses in both sectors are well above what the country is willing to receive from the IMF and borrow from commercial banks and other multilateral lenders, Dawn reported.

“Instead of spending time promoting exports and remittances, the government is too busy borrowing from the IMF and other sources,” said a senior banker.

The government struggled to secure $3 billion in guarantees from Saudi Arabia, $2 billion from the UAE, and $1.1 billion from the IMF.

Dawn said financial experts believed policymakers lacked a clear strategy to control the situation because most of the time was spent on borrowing strategies. (Arnie)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)