Islamabad: The Ministry of Finance has released a new report on the country’s economic indicators, according to which signs of positive changes are becoming clear in Pakistan’s economy. Significant improvements have been recorded in the current account surplus, foreign investment and remittances in the month of February.
Status of Economic Indicators: According to the data released by the Ministry of Finance, the following progress has been made in various sectors:
Current Account: The country’s current account recorded a surplus of $427 million as of February.
Foreign Investment (FDI): A huge increase of 24 percent has been seen in foreign direct investment.
Remittances: The remittances sent by Pakistanis living abroad increased by 5 percent.
IT Exports: The IT sector showed excellent performance, where exports increased by 18 percent to reach nearly $3 billion.
Foreign exchange reserves and industrial growth
According to the Ministry of Finance, Pakistan’s foreign exchange reserves have reached a 4-year high, which is an important milestone for the stability of the country’s economy.
However, the growth rate of large-scale industries (LSMI) was volatile:
Industrial growth was 12 percent in January.
In February, the rate was recorded at 11 percent.
The Ministry of Finance has reassured the public and industrialists that Pakistan has ample oil reserves to meet the requirements of March and April.
Economic experts are calling these figures a positive step towards fiscal stability in the country. Record growth in IT exports and current account surplus may help support the value of the rupee
