Pakistan's economy demonstrated notable improvement during the first quarter of fiscal year 2024, with multiple indicators showing positive trends across various sectors.
According to data from the State Bank of Pakistan and Pakistan Bureau of Statistics, Large Scale Manufacturing (LSM) recorded a 2.38% growth. The overseas remittance channels showed robust performance, with Roshan Digital Account receiving $165 million in August alone, while total remittances reached $2,943 million.
Government austerity measures and improved institutional efficiency have resulted in a substantial reduction in public borrowing, decreasing from Rs1,426 billion to Rs601 billion compared to the same period last year. The Federal Board of Revenue (FBR), despite falling short of its targets, managed to collect an additional Rs250 billion compared to the previous year.
The Special Investment Facilitation Council (SIFC) reports that their "whole-of-government approach" has contributed to these improvements. The strategy has also helped in reducing the trade deficit, current account deficit, and inflation rates.
The economic stabilization efforts continue to be a priority for the government, with SIFC maintaining focus on its designated sectors to ensure sustained economic recovery in upcoming quarters.
