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The Economic Survey 2024-25 was released on Monday, June 9 in Pakistan. It was introduced by Finance Minister Mohammad Aurangzeb. According to the survey, in the first nine months of the financial year 2024-25, the debt on Pakistan increased to 76000 billion Pakistani rupees.
Out of this, 51500 billion rupees have been taken from local banks and 24500 billion rupees from other countries or banks outside the country.
The Finance Minister said that the country’s economy has improved for the last two years. It has gained stability and strength in the current financial year. The country’s economy, which is facing cash crisis, is expected to grow at a rate of 2.7% this year.
Pakistan’s financial year starts from July 1, for which Pakistan’s budget will be presented this evening. A day earlier an Economic Survey was presented.
GDP growth in 2024 was 2.5%
At the press conference, Aurangzeb said that GDP growth in the year 2023 was 0.2 percent, which has increased to 2.5 percent in 2024. The Finance Minister said,
For 2025, we have estimated an increase of 2.7 percent. This is a recovery and the right step towards permanent development. The next financial year will be the story of a change.
In the financial year 2024-25, a $ 1.9 billion surplus was recorded in the current account (current account) between July and April. The main reason for this was the export of $ 3.5 billion from the IT sector.
Remittens can reach $ 38 billion
Remittens, people who send money to Pakistan by earning money in other countries, can reach 37 to 38 billion dollars by the end of this year. It was $ 27 billion two years ago.
As of 30 June 2024, Pakistan’s forex reserves i.e. foreign exchange reserves were $ 9.4 billion.
In 2023, Pakistan had foreign exchange reserves left for only two weeks of imports. In this sense, it was a major recovery.
According to the survey, the country’s export in 2024 stood at $ 27.3 billion, while the import was $ 48.6 billion. The size of the Pakistani economy increased from last year’s $ 372 billion to $ 411 billion.
Extreme poverty in Pakistan more than 16%
According to the World Bank report, the extreme poverty between 2017-18 and 20-21 in Pakistan increased from 4.9% to 16.5%. The total poverty increased from 39.8% to 44.7%.
On the other hand, the extreme poverty in India between 2011-12 to 2022-23 declined from 27.1% to 5.3%. This means that 26.9 crore people have come out of extreme poverty in 11 years.
This number is more than the entire population of Pakistan. In 2022-23, 7.52 crore people in India were in extreme poverty, while 34.44 crore people were in extreme poverty in 2011-12.
Pakistan has taken bailout package 25 times from IMF
Pakistan has so far taken 25 bailout packages of $ 44.57 billion from IMF. Apart from this, the World Bank has taken a loan of $ 38.8 billion from Asia Development Bank and Islamic Development Bank and more than $ 25 billion from China. In addition, Saudi Arabia, UAE and Paris Club have also taken billions of dollars debt.
Pakistan has to pay a loan of $ 100 billion in 4 years
Pakistan has to pay a foreign debt of $ 100 billion, or about 8.4 lakh crore rupees in the next four years. At the same time, by July 2025, Pakistan has to pay 30.35 billion dollars i.e. about 2.56 lakh crore rupees, including foreign debt and interest.
On April 27, State Bank of Pakistan Governor Jamil Ahmed had said that by June 2025, Pakistan’s foreign exchange reserve will increase to $ 14 billion, ie around Rs 1.18 lakh crore. Nevertheless, Pakistan will have doubled debt. In such a situation, it will not be easy to repay the loan.
In May 2024, IMF doubted Pakistan’s ability to repay debt. The IMF said that Pakistan’s ability to pay debt is at risk. It will depend on Pakistan’s policies and timely to get external debt whether they will be able to repay the loan.
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