26.4 C
Dubai
Sunday, May 18, 2025
spot_img

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

[ad_1]

Streaks of light seen in California. (Image source: video capture)

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.

Read also | Pakistan: Imran Khan and Sister Uzma Khan summoned over Laiya land corruption scandal.

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.

Read also | An Indian massage parlor manager has been jailed for 18 years in London for rape.

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)


[ad_2]

Source link

Related Articles

Jeeva’s Speakbro: From Grassroots to Global Communication Platform

Breaking the Silence For many, the English language is a skill. For Jeeva, it was once a barrier that symbolized everything he wasn’t supposed to...

India, Pakistan flights: One-way ticket to UAE for Dh9,100 as expats rush back after ceasefire.

India and Pakistan, a sharp surge in demand for flights to the UAE has led to a dramatic spike in ticket prices, with one-way...

Trump High-Stakes Middle East Tour: Strengthening Ties with Saudi Arabia, Qatar, and UAE

Trump has embarked on a high-profile three-day tour of the Middle East, beginning with Saudi Arabia and continuing on to Qatar and the United...

First American Pope, Pope Leo XIV, Chosen to Lead Catholic Church: Historic Election

First American Pope, Cardinal Robert Francis Prevost from Chicago has been elected as Pope Leo XIV, becoming the first American to lead the Roman...

India Crushes Pakistan’s Failed Strike and Destroys Lahore Air Defences After Pakistan’s Provocative Attack in Operation Sindoor

India has struck back decisively after Pakistan's provocative military attack on Indian soil as part of its retaliation to India's earlier strikes in Operation...

Latest Articles