Sunday, June 1, 2025
No Result
View All Result
The AZB More Than Just News
  • HOME
  • Latest News
  • Business
  • PAKISTAN
  • SPORTS
  • WORLD
  • E-Paper
  • SCI-TECH
  • BANKING
  • ARTICLES
  • OPINION
  • MORE
    • MOBILE
    • TELECOM
    • PERSONALITY
    • HEALTH / EDUCATION
  • HOME
  • Latest News
  • Business
  • PAKISTAN
  • SPORTS
  • WORLD
  • E-Paper
  • SCI-TECH
  • BANKING
  • ARTICLES
  • OPINION
  • MORE
    • MOBILE
    • TELECOM
    • PERSONALITY
    • HEALTH / EDUCATION
No Result
View All Result
Daily The Azb
No Result
View All Result
Home BANKING

IMF conditions to shrink the economy.

News Desk
February 4, 2023
IMF conditions to shrink the economy.
Share on FacebookShare on Twitter

(February 03-2023)Former Vice President of FPCCI Atif Ikram Sheikh on Saturday expressed grave concern over the fall in exports which is not a good sign for the troubled economy.

Political instability and economic slowdown pulled exports down 15.4 percent to 2.2 billion in January 2023 against $2.61 billion in the same month last year, he said.

Pakistan exports in October 2022 were down 3.25 percent year-on-year, in November 17.6 percent, in December 16.3 percent, and now in January, 15.4 percent over the corresponding month of last year, he added.

Former Vice President of FPCCI Atif Ikram Sheikh.

Atif Ikram Sheikh who has also served as Chairman PVMA said in a statement that the trade deficit shrank 32 percent to $19.63 billion in the first seven months of the current fiscal, as imports were curtailed.

Textile exports have substantially declined for a fourth consecutive month in January, dropping 12.4 percent as compared to the same month last year. Textile exports dropped to $1.36 billion in January 2023, as compared to $1.55 billion recorded in January 2022.

Since October 2022, textile exports have been at a nosedive. The exports declined 15 percent in October 22, then in November 22 by 18 percent, December 22 by 16 percent, and now in January 2023, the exports went down by 12.4 percent.

The double-digit decline in its exports is worrisome for the government and the economy, as the sector contributes around 60 percent to the country’s total export proceeds, he informed.

He said that the country is facing a balance-of-payments crisis, as Pakistan has been spending more on imports than exports, running down its stock of foreign currency and weighing on the rupee’s value.

The rupee recently dropped to new lows against the US dollar after authorities uncapped its value in the interbank market to meet one of the conditions put down by the IMF, he added.

The business leader said that the government is also dealing with rampant inflation. In January 2023, it reached a 48-year high of 27.6 percent. On January 23, the central bank raised the policy rate by 100 basis points to 17 per cent which was the highest since 1998 to help stabilise the economy.

The policy rate hike by the central bank has made bank financing much costlier, resulting in the contraction of industrial growth, business activities and exports.

Sheikh said that now the IMF conditions which will result in costly electricity and other inputs will further contract the economy.

News Desk

News Desk

Welcome to our web desk! We're a dedicated team of digital enthusiasts passionate about delivering timely and engaging content to our online audience.

Related Posts

Headline

Gold Prices Continue to Decline Across Pakistan

May 31, 2025
Electricity prices to drop by Rs10–12 per unit, says Leghari
Headline

Govt to Offer Energy-Efficient Fans on Installments to Cut Power Bills

May 31, 2025
Arshad Nadeem Wins Historic Gold at Asian Athletics Championship
Headline

Arshad Nadeem Wins Historic Gold at Asian Athletics Championship

May 31, 2025
The Exporters of Pakistan felicitate and applaud FBR for turbo speed compliance within 24 hours of the directives of PM Shahbaz Sharif to issue refunds of PKR 65 billion to the exporters. Moreover, this was done even when there is no Finance Minister.
Headline

FBR Proposes Doubling Withholding Tax on Cash Withdrawals by Non-Filers

May 31, 2025
Indian Military Admits Loss of Fighter Jets in Clash with Pakistan for the First Time
Headline

Indian Military Admits Loss of Fighter Jets in Clash with Pakistan for the First Time

May 31, 2025
Hadid Sisters Reveal They Have a Half-Sister Named Aydan Nix
Headline

Hadid Sisters Reveal They Have a Half-Sister Named Aydan Nix

May 31, 2025
Celebrating Youm-e-Takbeer: A Momentous Occasion in Pakistan’s History.
Headline

PM Shehbaz Approves Four-Day Eidul Adha Holidays from June 6 to 9

May 31, 2025
Mia Siddique Wins Miss Pakistan 2025; Hassan Abdullah Crowned Mr. Pakistan in Lahore Ceremony
Headline

Mia Siddique Wins Miss Pakistan 2025; Hassan Abdullah Crowned Mr. Pakistan in Lahore Ceremony

May 31, 2025
Nov 24 is ‘test’ for nation to end system of oppression: Imran Khan
Headline

Imran Khan announces nationwide anti-govt protest movement

May 31, 2025
Rising Threat of Kidney Cancer: The Importance of Early Detection  and Advanced Treatment
Headline

JPMC Becomes First Public Hospital in Pakistan to Provide Instant Cancer Diagnosis

May 30, 2025
Next Post
Gov’t departments are a major obstacle in promotion of solar energy.

Gov’t departments are a major obstacle in promotion of solar energy.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


Most Popular

Another leak: TikToker Somal Mohsin’s private videos go viral

Aga Khan University Celebrates Student Innovation at Concluding Ceremony of President’s Challenge for Climate Solutions

We will live with Covid19 for months. Let’s not deny it or panic: Dr. Faheem Younus

PHDEC’s Mango Bagging Initiative Boosts Export Opportunities in Jalalpur, Multan

Burhan Mirza IT Investor: His Role in Pakistan’s Tech Industry

Must Read

US stocks finish solidly up after volatile session; Dow +1.1%
Headline

US stocks finish solidly up after volatile session; Dow +1.1%

October 15, 2018
Aafia Siddiqui case: Our courts are the ray of hope: Dr Fowzia.
ARTICLES

Aafia Siddiqui case: Our courts are the ray of hope: Dr Fowzia.

March 4, 2024
The Azb is a 24/7 online news platform that covers a wide range of topics including business, economics, technology, finance, travel, fashion, and lifestyle.

Quick Links

  • Home
  • About us
  • SCI-TECH
  • Live TV
  • Banking

Useful Links

  • Videos
  • Reviews
  • Advertorial
  • Photos
  • About us
  • Author
  • Home
  • Latest News
  • Partner
  • Privacy Policy
  • Russian Theatre Group Celebrates Fifth Anniversary in Pakistan.
  • Terms and Conditions
  • The Azb – More Than Just News
  • Contact

© Copyright 2024 theazb. All Rights Reserved.

No Result
View All Result
  • HOME
  • Latest News
  • Business
  • PAKISTAN
  • SPORTS
  • WORLD
  • E-Paper
  • SCI-TECH
  • BANKING
  • ARTICLES
  • OPINION
  • MORE
    • MOBILE
    • TELECOM
    • PERSONALITY
    • HEALTH / EDUCATION

© Copyright 2024 theazb. All Rights Reserved.