ISLAMABAD; Pakistan’s economy is showing steady signs of recovery, with multiple economic indicators reflecting progress, according to the Ministry of Finance’s Monthly Economic Outlook report released on Monday.
The report highlighted that workers’ remittances increased by 8.4 percent during July to September, reaching $9.53 billion. In September alone, remittances grew by 11.3 percent to $3.18 billion.
Exports also recorded a 6.5 percent rise to $7.9 billion, while imports went up by 8.3 percent, amounting to $15.4 billion during the same period.
According to the report, Pakistan’s foreign exchange reserves stood at $19.9 billion, of which $14.5 billion were held by the State Bank and $5.4 billion by commercial banks. The rupee remained stable, averaging around 281 per US dollar.
However, the current account deficit widened to $594 million, while foreign direct investment (FDI) fell by 34 percent to $568.8 million in the first quarter of the fiscal year.
On the positive side, large-scale manufacturing posted a 4.44 percent increase, and the Pakistan Stock Exchange (PSX) saw remarkable growth, with its index surging 83.6 percent to reach a record 163,304 points. Market capitalization rose by 62 percent, reaching Rs18.8 trillion.
Additionally, new company registrations increased by 33 percent, totaling 11,250 during the quarter. The report also noted that the recent staff-level agreement with the International Monetary Fund (IMF) reflected renewed global confidence in Pakistan’s economic direction.
