Pakistan suffered a massive $8.3 billion loss due to significant declines in remittances and exports during the outgoing fiscal year.
Pakistan lost much more than what it gained from the IMF borrowings and inflows from other sources due to a lack of attention towards these two important inflows.
Pakistan has secured a nine-month $3bn loan programme for FY24 in return for a massive tax burden, unprecedented high-interest rate and record inflation and currency depreciation in FY23. The remittances declined by 13.6pc to $27.024bn against $31.278bn in FY22, a loss of $4.252bn.
The inflows from overseas Pakistanis fell even below the $29.449bn the country received in FY21 after surging by a record increase of $6.317bn over $23.132bn in FY20.The trajectory of growth has been lost in FY23 despite over a million Pakistanis leaving the country for jobs mainly in the Middle East.
