Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The report notes that the outlook and progress with the IMF-EFF program depends heavily on securing new official external financing, with ongoing delays contributing to a further deterioration in confidence. Similarly, dwindling foreign reserves, import restrictions, flood impacts, high fuel costs, policy uncertainty, and the slowdown in domestic and global demand have affected industry and service sector activity. Growth will remain below potential, however, while external adjustment continues. Liquidity conditions in the power sector also remain acute," Porter said in a statement. ADO April 2023 notes that climate change poses a grave challenge to Pakistan's economic, social, and environmental development. Growth is now expected to reach only around 2 percent in FY23. These imbalances were exacerbated by the catastrophic flooding in 2022, surging world commodity prices, tightening global financing conditions, and domestic political uncertainty. With dampened imports, the current account deficit is projected to narrow to 2.0 percent of GDP in FY23 but widen to 2.1 and 2.2 percent of GDP in FY24-FY25 respectively as import controls ease. With high public consumption, economic growth increased substantively above potential in FY22 that led to strong pressures on domestic prices, external and fiscal sectors, the exchange rate, and foreign reserves. Pakistans GDP at current market prices has reached Rs66.949 trillion in 2021-22, resulting in an increase in per capita income from Rs268,223 in 2020-21 to 42 percent of women of reproductive age in Pakistan have anemia due to poor nutrition. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. The IMF agrees to a long-awaited $3 billion bailout for Pakistan See Pics, Videos, 'Bhaiyya, Kyu?' The economy of Pakistan has grown at an average annual growth rate of 3.4% in the last four years and is ranked the 7th largest economy in Asia-Pacific, ahead of Thailand. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. "The FY24 budget advances a primary surplus of around 0.4 percent of GDP by taking some steps to broaden the tax base and increase tax collection from under-taxed sectors," Porter said, adding it also ensured space to strengthen support for the vulnerable through a cash handout program. Watch, Hyderabad's Game Changer Narsingi Interchange Opens for Traffic; Big Relief for Thousands of Commuters on ORR, ICAI CA Foundation Registration For December 2023 Exam Ends Today on icai.org, Check Exam Date, DMRC new mobile app: Now, passengers can buy tickets directly from smartphones; everything about hassle-free mobile-based QR-code tickets, Karnataka Government Launches The Anna Bhagya From Today | Latest Updates | English News, Paris Protests Intensify; Why Paris Engulfed In Violence? The country was awaiting the release of the remaining $2.5bn from a $6.5bn bailout package agreed in 2019, which expired on Friday. Cross cutting themes for the program include womens economic empowerment, climate change and resilience, and regional economic connectivity. Pakistan Maintaining stability and a sustained recovery will require the development, communication, and effective implementation of a bold reform strategy, including: i) adherence to a flexible market-determined exchange rate and sound fiscal-monetary policies; ii) increased domestic revenue mobilization; iii) curtailing and improving the quality of public expenditures; iv) structural reforms to improve investment, competitiveness, and productivity; and v) urgent measures to restore the financial viability of the energy sector. According to the International Monetary Fund, these are the highest ranking countries in the world in nominal GDP: United States (GDP: The education component (US$115 million) of the project will focus on improving the availability, utilization and quality of education services in selected districts for all children, especially refugees and girls. Quora - A place to share knowledge and better understand the He hadsaid on Thursday the deal wasexpectedany time soon. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. In the aftermath of the militancy crisis in 2009 in Pakistan, the Multi-Donor Trust Find (MDTF) for Khyber Pakhtunkhwa (KP), Federally Administered Tribal Areas (FATA), and Balochistan was established in August 2010 to support the reconstruction, rehabilitation, reforms, and other interventions needed to build peace and create the conditions for sustainable development. TheCountry Partnership Strategy(CPS) for Pakistan for FY2015-20 is structured to help the country tackle the most difficultbut potentially transformationalareas to reach the twin goals of poverty reduction and shared prosperity. Over FY23, Pakistan faced devastating floods and increasing global commodity prices following Russias invasion of Ukraine. WebThe real total GDP (gross domestic product) in Pakistan is expected to grow by 16.65% by 2026. GDP Ranked by Country 2023 - World Population Review Pakistan's inflation rates forecasted at 27.5% in 2023 and 15.0% in 2024 ADO 2023. Cash-strapped Pakistan's $350 billion economy is in a meltdown, Pakistan-administered Kashmir, June 20, 2023. Pakistan, IMF reach $3bn staff-level agreement - Al Jazeera Pakistan Economic Crisis: With a view to reviving Pakistan s economy, the cash-strapped countrys Parliament approved the Rs 14.48 trillion budget for 2023-24 on About 5.75 million people across the province have benefitted from project interventions till date. The International Monetary Fund, or IMF, has reached a staff-level pact withPakistanon a $3 billion stand-by arrangement, the lender said, a decision long awaited by the South Asian nation which is teetering on thebrink of default. The main components under DARE include strengthening the provincial-Federal education data management processes, enhancing sector coordination on student learning outcomes and improvement of sector monitoring, evaluation and decision making by supporting policy research and impact evaluations. What is the future of Pakistan economy? The Contingent Emergency Response Component (CERC) was activated under this project to disburse US$150 million in response to the 2022 floods to provide cash assistance to 1.3 million flood affected families. The industry leader for online information for tax, accounting and finance professionals. The WBG has third-largest portfolio of $14.8 billion in Pakistan ($10.7bn IDA, $3.9bn IBRD, $0.2mn in Trust funds and co-financings). Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. An inconsistent policy response, involving monetary tightening, new subsidies, and an informal exchange rate cap, saw the depletion of foreign exchange reserves and undermined progress with planned fiscal consolidation. Subsequently, Round II commenced in April 2017 and continues the drive towards reconciliation, peacebuilding and enhancing state- citizen trust by focusing on three pillars: (i) Growth and Jobs Creation; (ii) Improved Service Delivery; and (iii) Policy Reforms and Improved Governance. The work of the MDTF is particularly important after the passage of the Thirty-First Amendment to the Constitution by the National Assembly on May 24, 2018, which has merged the seven agencies of FATA with the province of Khyber Pakhtunkhwa. National Immunization Support Project closed in June 2022 had supported immunization of children across the country, while two new projects have been approved in this fiscal year (FY 2022-2023). According to World Banks latest Pakistan Development Update: Recent Economic Developments, Outlook, and Risks, released today, the slower growth reflects subdued private sector activity amid deteriorating confidence, import controls, belated fiscal tightening, and the impacts of the unprecedented floods of summer 2022. At a provincial level, this involves support to better service delivery in cities. Poor health affects all facets of womens lives including delayed development milestones, education, learning skills and gainfully participating in the labor force. Pakistan: Cash-strapped nation leases out Karachi port portion to UAE, Parineeti Chopra, Raghav Chadha Seek Blessings At Golden Temple Ahead Of Wedding. The PREP is a USD187 million project of which USD17 million is the education component. Pakistans economy is currently under severe stress with low foreign reserves, a depreciating currency, and high inflation. 2030 is only 8 years away, by making very modest assumptions about economic growth it is possible to project forward economic data to 2030. Given these challenges, the new arrangement would provide a policy anchor and a framework for financial support from multilateral and bilateral partners in the period ahead, the statement read. It reduced subsidy spending, further increased energy tariffs, and allowed the exchange rate to float leading to a sharp depreciation and alignment between the interbank and open rates. He said he appreciated the efforts and hard work of Finance Minister Ishaq Dar for achieving the outcome. ET. Pakistan June 30, 2023, 6:00 a.m. The cash-strapped Pakistani government is struggling to avoid a default with financial help from friendly countries such as China, Saudi Arabia and the United Arab Emirates. WebPakistan GDP GDP nominal (2017) $304,951,818,494 (Current US Dollars). The International Monetary Fund (IMF) has reached a staff-level agreement with Pakistan on a $3bn standby arrangement, the lender said, a decision long awaited by the South Asian nation which is teetering on the brink of default. * Pakistan's export target set at $35 billion for 2022/23 * Import target set at $70 billion for 2022/23 * Trade deficit target set at 2.2% of GDP in 2022/23 Pakistan|#FE1800|49114497972.0903, 49908089501.2623, 51994941300.1961, 48869192560.6505, 49985195756.1461, 50220143797.3031, 49779616220.1338, 52481518693.439, 55653317249.0581, 57650375598.8924, 60998385185.3793, 64170183740.9984, 70895571419.1168, 71424204511.72, 76035059819.4256, 63837299392.4712, 65626701676.7637, 71037451007.4117, 77103186652.417, 80520502019.1419, 87896205947.5205, 94559969174.4979, 102647613804.277, 109809735522.236, 119079199978.204, 144709065228.642, 158606147521.292, 165924897861.533, 174895350606.149, 179138517096.541, 182000518706.952, 184976430796.816, 187041058824.902, 205380651037.45, 214593163596.132, 247242763770.272, 269304303642.649, 279679976825.088, 275418539634.042, 281347495731.832, 295633897786.974, 308828472039.818, 318165254474.261, 285906704186.917, 290373272695.2, 313890582985.717, 329778367520.012, 355190751563.817, 361434108820.612, 374942403415.524, 393549329434.773, 412623017577.466, 416808649021.381, 427438246131.731, 443083053338.355, 461958781374.912, 478378728450.522, 490378082560.493, 518707391079.408, 557853511773.554, 594218744183.466, 629271615450.128, 659683162801.934, 670907048188.507, 689904844774.45, 700989467466.727, 720255503470.937, 745515104687.75, 778291352961.522, 814674200957.25, 853217638847.996, 900372723927.891, 950381922984.568, 1005850179831.13, 1151645490770.2, 1136972520179.96, 1210728914158.85, 1282973108466.71. In Punjab 89.9% of children are fully immunized while in Khyber Pakhtunkhwa, Sindh and Balochistan 68.4%, 61% and 37.6% are respectively fully vaccinated. pakistan GDP Economic Crisis-Hit Pakistan in Revival Mode? Cash-Strapped [4] In the formative decades of Pakistan, the economy was largely based on private industries. Sources include: World Bank, United Nations. WebAs of June 2023, Total Public Debt and Liabilities of Pakistan is estimated to be about Rs. COVID 19 Response, Recovery, and Resilience in Education Project (RRREP) - a Global Partnership for Education funded grant of US$19.85 million was successfully closed in November 2022. ISLAMABAD The International Monetary Fund agreed to provide $3 billion to Pakistan a long-awaited relief to bail out the impoverished countrys ailing economy. Predicated on completion of the IMF program and sound macroeconomic management, output growth is expected to gradually recover in FY24 and FY25 but remain below potential as low foreign reserves and import controls continue to curtail growth. Is India developed Fantasy gaming company Dream11 will be the lead sponsor of India's national cricket team for three years, the country's cricket board announced on Saturday. 72.978 trillion / US$140 billion which is 93 percent of gross domestic product (GDP) of Pakistan. * Consumer-price-index based inflation rose in May to 13.8% year-on-year, the highest in two-and-half years. 9. ISLAMABAD, June 6 (Reuters) - Pakistan on Tuesday approved an estimated 3.5% GDP growth target for its 2023-24 financial year budget, the country's As of FY22, the nominal GDP of Pakistan stands at US$376 billion with a nominal GDP per capita of US$1,658 (177th); its GDP based on PPP stands at US$1.512 trillion with a GDP (PPP) per capita of US$6,662 (168th). The $3bn funding, spread over nine months, is higher than expected for Pakistan. Reading The National Health Support Program will support the strengthening of equitable delivery and quality of essential health services at the primary level and the Sindh Integrated Health and Population Project will improve quality health services in selected areas and restore and rehabilitate healthcare services impacted by floods. Facing increasing debt, rapidly eroding foreign exchange reserves, and delays with the IMF-EFF 9th program review, the Government recently course-corrected. 6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines. Pakistan's total debt, liabilities cross Rs 50 trillion National debt of Pakistan Meanwhile, the USD 6.5 billion bailout package approved by the IMD in 2019 is expiring on June 30. ET. The decision sharply curtails a policy that has long been a pillar of American higher education. This site uses cookies to optimize functionality and give you the best possible experience. The GNI (gross national income) in Pakistan is forecast to amount to US$255.60bn in 2025. "Given these challenges, the new arrangement would provide a policy anchor and a framework for financial support from multilateral and bilateral partners in the period ahead.". The finance ministry paid about Rs 2.57 trillion in interest costs, up by Rs 1.1 trillion or 77 per cent, according to the sources. The assessment was included in this years Published by. Islamabad has taken a slew of policy measures since anIMFteam arrived inPakistanearlier this year, including arevised 2023-24 budgetlast week to meet the lender's demands. GDP The real total GDP (gross domestic product) in Pakistan is expected to grow by 16.65% by 2026. Talks between Pakistan and the IMF had stalled in December after the global lender delayed the release of a crucial tranche of $1.1 billion from the bailout originally signed in 2019 by Sharifs predecessor, Imran Khan. However, with limited financial inflows, foreign reserves remain at precariously low levels and inflation is at a record high. Pakistan Round I of MDTF projects was implemented from August 2010 to March 2017 and focused on helping the provinces come out of the crisis and take strides towards conflict prevention and peacebuilding. About 49 percent of pregnant women do not receive the recommended four or more anti-natal care (ANC) visits essential for a safe and healthy pregnancy outcome. What is Pakistan's GDP in 2025? Economic growth is expected to slow and remain below potential in the medium-term. As a net importer of oil and gas, Pakistan will continue experiencing strong inflationary pressures for the rest of FY2023. The country was awaiting the release of the remaining $2.5 billion from a 2019 bailout package of $6.5 billion that expires Friday. ISLAMABAD: With one eye on the International Monetary Fund and the other on voters, Finance Minister Miftah Ismail on Friday proposed a Rs9.5 trillion inflationary budget amid a daunting challenge to meet ambitious targets. Currently, Pakistan sits at 39 th position in GDP, which is predicted to be 23 rd biggest economy by 2040 worldwide. According to World Banks latest Pakistan Development Update: Recent Economic Developments, Outlook, and Risks, released today, the slower growth reflects Economy - Pakistan | Statista Market Forecast This site uses cookies to optimize functionality and give you the best possible experience. The World Bank Group works in every major area of development. The activities planned in FY23 mostly focused on construction and rehabilitation, communication campaigns, teachers training, multi-modal programs, and specific intervention related to Out of School Children (OOSC). Produced by To date, the Ministry of Federal Education and Professional Training (MoFEPT) and the provincial education departments have achieved four Disbursement-Linked Results (DLR): adoption of National School Health and Safety Protocols, approval of National Education Response and Resilience Plan, provision of distance learning kits to 50,000 students across the country, and provision of hygiene and cleaning kits to 20,000 public schools nationwide. Updated May 11, 2023. Global data and statistics, research and publications, and topics in poverty and development, *Amounts include IBRD and IDA commitments, The World Banks digital platform for live-streaming, Environmental and Social Policies for Projects, International Development Association (IDA), Pakistan Systematic Country Diagnostic: Leveling the Playing Field, Pakistan Demographic & Health Surveys 2006-07, Actions to Strengthen Performance for Inclusive and Response Education, Pandemic Response Effectiveness in Pakistan project (PREP), COVID 19 Response, Recovery, and Resilience in Education Project (RRREP), Punjab Education Sector Project-III program, Sindh Early Learning Enhancement through Classroom Transformation, Balochistan Human Capital Investment Project, Khyber Pakhtunkhwa Human Capital Investment Project, Country Partnership Strategy FY2015-19 (English), Doing Our Part to Curb Plastic Waste in Pakistan. This new programme is far better than our expectations, said Mohammed Sohail of Topline Securities, adding that there were a lot of uncertainties on what will happen after June 2023 as there will be a new government coming to power. Pakistan clinches crucial $3 billion IMF bailout | Reuters Pakistan GDP The key activities that are being procured under PREP include: i) Teleschool initiative through Allama Iqbal Open University (AIOU), ii) Content procurement for Teleschool, iii) Strengthening of E-Taleem portal including Virtual Teacher Training (VTT) and Learning Management System (LMS) modules, iv) Development of VTT Training Modules/Courses v) Smart classrooms vi) Procurement and distribution of hand-held devices vii) Communication campaign viii) School on wheels, and ix) the monitoring and evaluation activities. The Pakistan is experiencing severe economic challenges reflecting long-standing structural weaknesses. Private Company. Use of data for decision making and schools capacity to contribute to generating reliable data is another important element of the project that strengthens governance at school and district levels. Average inflation is projected to more than double from 12.2% in FY2022 to 27.5% this fiscal year. Pakistan The education component (US$17.75 million) focuses on the improved utilization of quality education services in selected refugee hosting districts. According to the Global Climate Risk Index, the country has ranked among the 10 most vulnerable nations worldwide in the past 2 decades. Pakistan The proposed package is higher than what Pakistan was expecting. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Funds stalled! Per capita GDP growth for Pakistan is expected at 0.1% in 2023 and 1.4% in 2024 ADB Report. 11. WTTCs latest annual research shows: In 2022, the Travel & Tourism sector contributed 7.6% to global GDP; an increase of 22% from 2021 and only 23% below 2019 levels. Prioritized areas under SELECT include foundational literacy; teaching quality; classroom and provincial assessments improving access to elementary schools and enhancing the school learning environment, including in 250 flood-affected schools; proactive dropout mitigation (especially for girls) and transition from primary to secondary schooling through the development of a student attendance monitoring and redress system; and improved school and district-level governance which contribute to the achievement of its targets. High fertility rate and teenage pregnancies contribute to poor maternal and child health outcomes which pose risks of death and illness. The project also aims to improve student assessment and teacher training across the province by supporting the Balochistan Assessment and Examination Commission and Provincial Institute of Teacher Education. Economy - Pakistan | Statista Largest economies in the world by GDP (nominal) in 2023 according to International Monetary Fund estimates [n 1] [1] Countries by nominal GDP in 2019 [n 2] > $20 trillion $1020 trillion $510 trillion $15 trillion $750 billion $1 trillion $500750 billion $250500 billion $100250 billion $50100 billion $2550 billion $525 billion A wholesale market in Karachi, Pakistan on June 8, 2023. With a view to revive Pakistans economy, the cash-strapped countrys Parliament approved the Rs 14.48 trillion budget for 2023-24 on Sunday. Finance Minister Ishaq Dar, in his speech to sum up the debate on the budget, said that changes have been made in the budget after marathon three-day talks with the IMF. Quora The drought mitigation component of the project, comprising construction of small groundwater recharge dams, has already started generating strong development impacts for the target communities. Currently a minimum of 11,000 ECE classrooms meet new quality standards, which include the presence of a trained teacher and caregiver as well as a kit with instructional material. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Pakistan Moreover, the ERKP project supported small and medium enterprises (SMEs) impacted by COVID-19 through provision of matching grants (MGs). Distribution of gross domestic product (GDP) across economic sectors Pakistan 2021. The Project is expected to benefit 2 million people through rehabilitated infrastructure while short term livelihood support will be provided to 100,000 households. Given these challenges, the new arrangement would provide a policy anchor and a framework for financial support from multilateral and bilateral partners in the period ahead.. "This funding of 3 billion dollars and for 9 months will definitely help restore some investor confidence," he said. GDP in Pakistan averaged 89.96 USD Billion from 1960 until 2021, reaching an all time high of 356.13 USD Billion in 2018 and a record low of 3.75 USD Billion in 1960. Mubarak Zeb Khan Published January 21, 2022 46 Energy Minister Hammad Azhar addresses a press conference in Islamabad on Thursday. Which country will have highest GDP in 2100? What will India do 2040? The deal, subject to approval by theIMFboard in July, comes after an eight-month delay andoffers some respitetoPakistan, which is battling an acute balance of payments crisis and falling foreign exchange reserves. Similarly, the IDA-funded US$500 million Sindh Flood Emergency Housing Reconstruction Project aims to deliver beneficiary-driven, multi-hazard resilient reconstruction of core housing units damaged or destroyed in the floods of 2022 in selected districts of Sindh. The Sweet Tale of Niladri Bije, Alligator Sneaks into House through Dog Door, Milind Soman Gives Seduction Tips In New VIDEO But There's A Twist. In March 2021, the Government of Pakistan approved the US$200 million Khyber Pakhtunkhwa Human Capital Investment Project (KPHCIP) a five-year project that aims to improve the availability, utilization, and quality of primary healthcare services and elementary education services in 4 districts of Khyber Pakhtunkhwa. The IMF chief is reported to have asked Sharif to resolve policy differences at the global lender's staff level prior to getting a much-needed loan to stabilise the country's economy. The project will also strengthen the capacity of the Government of Sindh to respond to the impacts of climate change and natural hazards through expansion of the Sindh Emergency Rescue Service (Rescue 1122) and enhancing the preparedness of relevant line departments. In the absence of higher social spending, the lower middle-income poverty rate is expected to increase to 37.2 percent in FY23. Pakistan Wins Initial Nod for $3 Billion IMF Bailout Deal It also got Pakistan to raise over 385 billion rupee ($1.34 billion) in new taxation through a supplementary budget for the 2022-23 fiscal year and the revised budget for 2023-24. Reforms in the energy sector, which has accumulated nearly 3.6 trillion Pakistani rupees ($12.58bn) in debt, has been a cornerstone of the discussions with the IMF. Partnerships are being strengthened at provincial levels, focusing on multi-sectoral initiatives in areas such as children's nutrition, education and skills, irrigated agriculture, tourism, disaster risk management, and urban development. Sources: Pakistan Demographic & Health Surveys 2006-07, 2012-13 & 2017-18, Maternal Mortality Survey 2019, National Nutrition Survey 2018, Third-Party Verification Immunization Coverage Survey 2020. Pakistan Rising macro risks and tighter global liquidity conditions curtailed Pakistans access to international capital markets. Download all data featured on World Economics in a simple and consiatant format. Pakistan: Economy | Asian Development Bank The ASPIRE program has also been successful at leveraging the Inter-Provincial Education Ministerial Conference (IPEMC) and the Technical Steering Committee (TSC) platforms for improved coordination between the Federal and Provincial Education Departments. World Economics estimates Pakistan's GDP to be $1.424 trillion - 45% larger than official estimates.