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Pakistan lost USD 8.3 billion in remittances, exports in previous fiscal year

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 […]

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.

 

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