IMF predicts decrease in unemployment rate in Pakistan
The International Monetary Fund (IMF) has predicted a decrease in the unemployment rate in Pakistan. This forecast comes after an agreement with Pakistan, where the IMF expects economic growth to increase to 3.2% from 2.4% in the previous fiscal year.
The IMF also anticipates a drop in the unemployment rate from 8% to 7.5%, and a decrease in inflation from 23.4% to 9.5% compared to last year. Tax revenue is projected to rise to 15.4% of the economy, up from 12.6% last year, while public debt could increase from 67% to 69% of the economy.
The agreement highlights the importance of a fair tax system in Pakistan, emphasizing the inclusion of all sectors in the tax framework. It also stresses the need for strict enforcement of anti-money laundering measures, reducing losses in state-owned enterprises, and improving governance in public departments.
The IMF emphasizes the importance of continuing rigorous reforms in Pakistan, especially in the energy sector. The government is urged to implement reforms to lower electricity costs, adjust energy prices promptly, and enhance tax revenue.
Challenges identified in the report include environmental issues, corruption, and the need for reforms in Pakistan. The IMF calls for measures to combat corruption in state institutions, reduce environmental damage, provide equal business opportunities, and improve productivity across all sectors.