Global Apparel Market – An Overview | Watch NOW! | Ad
Home / Knowledge / News / Textiles / IMF projects Pak economic growth at 4.5%
IMF projects Pak economic growth at 4.5%
08
Feb '16
Pakistan's economy will grow at 4.5 per cent in the current fiscal despite a decline in exports and challenging external environment weighing on the country's growth prospects, the International Monetary Fund 's(IMF) mission chief to Pakistan Harald Finger said in a statement.

“A weak cotton harvest, declining exports and a more challenging external environment are weighing on the growth prospects of Pakistan,” he said.

Pakistan's cotton output has been badly hit after it lost an estimated 11 million bales due to pest attack and rain.

Despite these challenges, the real GDP growth is expected to reach 4.5 per cent in FY 2015/16, helped by lower oil prices, planned improvements in the energy supply, investment related to the China Pakistan Economic Corridor (CPEC), buoyant construction activity, and acceleration of credit growth.

"Economic activity remains robust," Finger said after a meeting with Pakistani officials in Dubai for the 10th review of Pakistan's economic programme supported by a three-year Extended Fund Facility (EFF) arrangement.

Finger said the mission and the Pakistani authorities have reached a staff-level agreement on the completion of the 10th review under the EFF arrangement.

The agreement is subject to approval by the IMF management and the executive board. Upon completion of this review, about $497 million will be made available to Pakistan.

Pakistan's gross international reserves reached $15.9 billion in December 2015, up from $15.2 billion at end-September the same year, and covering close to four months of prospective imports, Finger's statement said. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Trump announces tariffs on $200 bn worth Chinese imports

Apparel/Garments | On 18th Sep 2018

Trump announces tariffs on $200 bn worth Chinese imports

US President Donald Trump escalated the trade war with China on...

Courtesy: Sunrise Bumi Textiles

Textiles | On 18th Sep 2018

Sunrise Bumi developing new products for profitability

Sunrise Bumi Textiles, one of the world's leading quality yarn...

New Zealand bans sheep mulesing

Textiles | On 18th Sep 2018

New Zealand bans sheep mulesing

New Zealand has banned the practice of mulseing sheep, making the...

Interviews View All

Hannah Lane, Redress

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Top executives, Fashion houses, India

Top executives
Fashion houses, India

With technology, it has become easier to ensure IPR

Deepak Jain, Baggout

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Manuele Baggini,

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

Manoj Sorathiya,

Manoj Sorathiya

Surat-based Sunrise Imports & Exports Co is a manufacturer and...

Harsh Shah,

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Matthew Kolmes, Supreme Corporation

Matthew Kolmes
Supreme Corporation

Supreme Corporation manufactures innovative specialty yarns and safety...

Paige Mullis, Glen Raven Inc

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant & Nandita are known for being inspired by...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search