ISLAMABAD -The International Monetary Fund (IMF) has expressed disappointment with Pakistani authorities for adopting initiatives to increase exports.
According to the lender’s analysis on Pakistan, the country is extremely weak in terms of exports when compared to other countries in the region.
The research cited payment restrictions, tariff and non-tariff barriers to imports, and an unstable currency rate as the primary causes for Pakistan’s low exports.
According to the International Monetary Fund report, “Pakistan should take into account the atmosphere of competition in the global markets for exports and imports, add more value to the goods produced in the local industries to enhance exports, and adopt modern technology for increasing the production and value addition.”
According to the survey, Pakistan’s exports are significantly lower than those of Bangladesh, India, Vietnam, Thailand, and other regional countries. Furthermore, the worldwide market demand for Pakistani products is lower than that of regional competitors.
It emphasized that, in addition to textile and agricultural items, Pakistan must enhance its exports in other industries as well.
Meanwhile, officials in the Ministry of Commerce claimed the IMF has asked Pakistan’s economic team for a plan to boost exports.
