Finance Minister Aurangzeb unveils Pakistan Economic Survey 2023-24
ISLAMABAD – Finance Minister Aurangzeb unveiled the Pakistan Economic Survey 2023-24 on Tuesday, recapping a year of economic distress in the country.Successful completion of the SBA program with all targets met.
Inflation is on a downward trajectory from 38.0% in May 2023 to 11.8%, at a 30-month low in May 2024 - due to exchange rate stability, monetary tightening, fiscal consolidation, smooth food supply, and favourable global commodity prices.External accounts considerably improved, with increased exports and contained imports, resulting in a reduced trade deficit, supported by remittances.
With economic recovery and stability in the exchange rate, the confidence of overseas Pakistanis in the economy has been restored. This is evident from the increased inflows under RDA during Q2 and Q3 of FY2024, which rose to $439 million and $465 million, respectively, compared to $427 million and $390 million last year.
The country’s investment and financing flows strengthened, resulting in a build-up of FOREX reserves, which improved import buffers, from 1 month in June 2023, to currently over 2 months. The FBR is undergoing reforms and modernization to become a more efficient organization and achieve optimal outcomes. Efforts are underway to digitize FBR and tax documentation.
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