Pakistan Likely To Witness Economic Recovery Next Year, Says IMF

Pakistan is likely to witness a gradual recovery in the fiscal year 2021 with the reopening of its economy after the Covid crisis, the International Monetary Fund (IMF) has said.

The report - “Policy Act­ions Taken by Countries” reviewed the steps the country took since March amid the crisis due to the Covid pandemic, Dawn reported.

The organisation noted that the near-term outlook of the country in terms of the economic factors worsened, with a current growth estimate of -0.4 percent.

The IMF further stated the federal government has been easing the lockdown in coordination with other provinces. It noted that the low-risk industries and retail shops were allowed to reopen and resume operation while adopting the newly evolved Standard Operating Procedures (SOPs) in view of the outbreak.

The organisation observed that many restrictions have been lifted, with educational institutes likely to reopen on July 15. On March 24, a relief package of Rs 1.2 trillion was announced and will be put into force during the fiscal year 2020-21. The report also elaborated on the measures by the federal and the provincial governments to lessen economic impact of the situation.

Pakistan is one of the worst-hit countries by the closure of the markets and business places during the pandemic. Businesses are resuming gradually across the country with the lifting of restrictions, put in place to safeguard against the infections.

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