The Pakistan Tehreek-i-Insaaf government’s prudent economic policies have helped the country come out of deep crisis it was facing in 2018.
A comparison data showed that the country’s current economic situation is far better than what it was in the year 2017-18.
According to the data released by State Bank of Pakistan (SBP) on Saturday, during fiscal year 2017-18, the last fiscal year of Pakistan Muslim League-Nawaz government, the exports of goods stood at $23.2 billion whereas in 2020-21, despite coronavirus related issues, the figure has reached to $25.3 billion.
Similarly, textile exports also increased by 6.6 percent to $14.4 billion in 2020-21 compared to the exports worth of $13.5 billion in 2017-18 reached.
The export of Information Technology jumped by 32.5 percent as the exports went up from only $1.6 billion in the year 2017-18 to $2.12 billion in 2020-21. Likewise the remittances which were $19.9 billion in 2017-18 reached record figure of $ 29.4 billion during the previous fiscal year showing an increase of 48 percent.
Despite a huge amount of debt repayments incurred due to previous governments’ debt, the incumbent government has managed to control the increasing debts of the country as the public sector debt fell from $30 billion taken by the previous government in its last three years to $21 billion in 2020-21 during first three years of the current government.
The tax revenue collection in the year 2017-18 stood at $3,844 billion which surged to $4732 billion in previous fiscal year.
The foreign currency reserves also improved substantially to $24.4 billion from only $16 billion in 2017-18.
In last fiscal year of the PML-N government, current account deficit was a whopping $19 billion which has been brought down to $1.8 billion. Similarly trade deficit which stood at $ 37 billion in 2017-18 has been reduced to $ 31.1 billion mark.—APP