Finance Ministry claims improvement in economic growth rate and reduction in inflation – Pakistan

The Ministry of Finance claimed improvement in economic growth and reduction in inflation during the current financial year.

According to the monthly economic update outlook report of the country’s economy released by the Ministry of Finance, inflation is between 18.5% and 19.5% this month, while inflation is likely to decrease to 17.5% in May 2024.

According to the report, the growth rate in the first and second quarter was 2.5 percent and 1 percent respectively.

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In the report, external debt and heavy interest payments have been described as major challenges for the financial situation.

According to the report, there was a 54% reduction in credit provision to the private sector and only 88.6 billion rupees were issued.

The report hailed the IMF’s second economic review and approval of the final tranche of $1.1 billion, while the stock market rally was a sign of renewed investor confidence.