IMF estimates Pakistan to see biggest rise in imports

The International Monetary Fund (IMF) has estimated that there is possibility of a record increase in Pakistan’s imports, besides predicting that the country would miss its export targets this year, reported 24NewsHD TV channel on Monday.

According to the IMF projections, Pakistan is going to see the biggest increase in it imports during current fiscal year and it will not be able to achieve its export targets.

The Fund estimates that in the next 4 years, Pakistan would see a rise in its imports with every passing year. It projects that Pakistan import bill will remain around $66.76 billion this fiscal, in FY 2022-23 it will hover around $67.15 billion, in FY 2023-24 it will be around $69.75 billion; in FY 2024-25, it will be around $72.41 billion and in FY 2025-26, the import bill would touch $75.88 billion.

As per the projections of the global lender, Pakistan is expected to export goods worth $30.07 billion this year. However, the trade ministry has set an export target of $31.21 billion.

The IMF estimates that Pakistan exports would remain around $31.64 billion in FY 2022-23; in FY 2023-24, they will be around $33.22 billion; in FY 2024-25, they are expected to be around $35.55 billion and in FY 2025-26, country’s exports have been projected to fetch around $37.89 billion.

Reporter: Waqas Azeem