Pakistan’s Economic Growth Rises to 3.5 Percent, Says IMF Official

ISLAMABAD: (Mudassir Iqbal / News Agency) – Pakistan’s economic growth is set to rise from 2 percent to 3.5 percent, according to the International Monetary Fund (IMF). Country Director Mahir Binici shared the news on Thursday and called it a big step forward.

He spoke at a conference organised by the Sustainable Development Policy Institute (SDPI) in Islamabad. He said the country has reached a historic turning point.

Binici said Pakistan has moved from crisis towards stability. He added that reforms are now being put in place.

He urged the country to keep this momentum going, even with the crisis in the Middle East. He also said more exports are needed to create jobs.

The IMF official asked the government to keep working to raise tax collection and improve the tax-to-GDP ratio. He said money for roads, projects and public services must also continue.

Binici said the National Tariff Policy has helped the economy. He promised the IMF will keep working with Pakistan over the long term. He said talks on raising tax revenue have taken place, and serious efforts have been underway for several months.

Asian Development Bank (ADB) Country Director Dr Emma Xiaoqing Fan also spoke at the event. She said the private sector needs more chances to grow, as a strong private sector can help lift exports.

She said lower industrial costs are needed to boost exports. She also called for more skills training for women.

Fan noted that more than half of Pakistan’s women are unable to take part in economic growth. She asked for easier access to loans for private firms, especially women entrepreneurs.