Pakistan’s economy to grow by 2-2.5% this FY: Shamshad

Caretaker Finance Minister Dr Shamshad Akhtar projected on Saturday that the country’s economic growth will rebound by 2-2.5% in the current fiscal year.

Virtually addressing the ‘IPO Summit 2024’, organized by Pakistan Stock Exchange (PSX), Dr Akhtar estimated the agriculture sector to grow by 5.6% and industrial sector by 2.5% in the year.

She stood optimistic on collection of revenue in taxes, saying the Federal Board of Revenue (FBR) would most probably collect Rs10 trillion in FY24 compared to the set target of Rs9.4 trillion for the year.

Shamshad said the country’s foreign exchange reserves have recently hit a high of $9.1 billion from $4 billion at the start of her term being the minister.

The finance minister said the State Bank of Pakistan’s (SBP) was cognizant that the benchmark policy rate needs to come down, from current record high of 22%, to support economic activities .


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