KARACHI: Pakistan suffered a massive $8.3 billion loss due to significantdeclines in remittances and exports during the outgoing fiscal year as thePMLN-led coalition government preferred appeasing the InternationalMonetary Fund for a $1.2bn tranche.
Pakistan lost much more than what it gained from the IMF borrowings andinflows from other sources due to a lack of attention towards these twoimportant inflows.
Pakistan has secured a nine-month $3bn loan programme for FY24 in returnfor a massive tax burden, unprecedented high-interest rate and recordinflation and currency depreciation in FY23.
The remittances declined by 13.6pc to $27.024bn against $31.278bn in FY22,a loss of $4.252bn.
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The inflows from overseas Pakistanis fell even below the $29.449bn thecountry received in FY21 after surging by a record increase of $6.317bnover $23.132bn in FY20.
The trajectory of growth has been lost in FY23 despite over a millionPakistanis leaving the country for jobs mainly in the Middle East.