WB, Bloomberg reports confirm economic stability in Pakistan

The World Bank and Bloomberg reports have confirmed the signs of economic stability in Pakistan.

The Bloomberg report said that the growth rate has increased and the economy has started to show progress. The growth rate will double and gradually increase in the next fiscal year, while inflation is expected to decrease by 11 percent in the next fiscal year.

According to Bloomberg, the new bailout program of International Monetary Fund (IMF) will accelerate and stabilize the economic growth rate. In the last 22 months, the inflation rate has dropped to the lowest level of 20.7% for the first time, and after two years, the trend of decreasing inflation rate is coming into view.

The report further states that Pakistan will require $24 billion in external financial assistance in the fiscal year starting from July.

It is pertinent to note that difficult decisions of Prime Minister Shehbaz Sharif in his 16-month government saved the country from economic default and the coalition government restored the IMF program while the standby arrangement paved the way for economic stability.