According to Dawn, Pakistan lost USD 8.3 billion in remittances and exports during the previous fiscal year because the Pakistan Muslim League-Nawaz (PML-N)-led coalition government decided to satisfy the International Monetary Fund (IMF) for a USD 1.2 billion tranche.
Due to a failure to pay attention to these two large inflows, Pakistan lost significantly more than it earned from IMF borrowings and other sources. According to Dawn, in exchange for a tremendous tax burden, historically high interest rates, and record inflation and currency depreciation in FY23, Pakistan received a nine-month USD 3 billion loan package for FY24.
Remittances fell 13.6 percent to USD 27.024 billion in FY22, down from USD 31.278 billion in FY22, a loss of USD 4.252 billion.
