Pakistan is now inching close to obtaining the 6 billion USD grant from the International Monetary Fund (IMF). Apart from the massive bail-out package, further supportive packages are also in the process from the Asian Development Bank (ADB) and World Bank). China, Malaysia, Qatar, UAE, and Saudia Arabia also showed faith in the new government and rescued the drowning economy of Pakistan by granting several aids and supportive joint ventures.
The government also announced an Asset Declarations Scheme to record the undocumented assets and to generate additional revenue. The scheme which ended on Wednesday, 3rd July would also help to mark the perimeters to increase the tax net and also to review the current taxpayers against their actual standings.
After the massive jump, the exchange rate has also dropped significantly and it is expected to drop further as the inflow of foreign currency will increase in the economy. Pakistan Stock Exchange (PSX) also converted its downward trend into the upward trend and at the end of trading, the benchmark KSE 100-share Index recorded an increase of 589.44 points, or 1.72%, to settle at 34,896.55. On the development, Arif Habib Limited shared a report which stated that “Positive expectation about the IMF deal conclusion kept sentiments elevated and helped investors take bets on oil and gas marketing companies, cement-makers, banks and fertilizer producers,”
Consumer Price Index (CPI) could not hold the impact of the escalated activities and get up by 0.4%. Accumulated increment of 8.9% was observed as compared to the preceding year. Shares of 333 companies worth 4.8 billion rupees were also traded in the market.
The Prime Minister Imran Khan has stated multiple times that desperate measures are needed to fix the enormous damage of the prior governments, and we all must stand to unite to responsively play our part to get the economy back on track. The journey to a better economic future would not be possible without opting austerity measure and cost cuttings to eventually benefit the country.
