The International Monetary Fund (IMF) has expressed dismay at Pakistan’s authorities for their inadequate steps to increase the country’s exports. In a recent report, the IMF highlighted Pakistan’s weak export performance compared to other countries in the region.
The report pointed out several factors contributing to Pakistan’s low exports, including payment restrictions, tariff and non-tariff barriers to imports, and an inconsistent exchange rate.
The IMF recommended that Pakistan should consider the competitive global market environment for exports and imports. It urged the country to add more value to locally produced goods and adopt modern technology to increase production and value addition. The report noted that Pakistan’s export performance is significantly lower than that of Bangladesh, India, Vietnam, Thailand, and other regional competitors. The demand for Pakistani products in the global market is also not on par with these competitors.
The report emphasized the need for Pakistan to diversify its export base beyond textiles and agricultural products, suggesting that the country should increase exports in other sectors as well.
Sources in the Ministry of Commerce revealed that the IMF has requested a detailed plan from Pakistan’s economic team to enhance exports.
