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Pakistan current account deficit to shrink by 26pc: IMF

Pakistan current account deficit to shrink by 26pc: IMF

ISLAMABAD: International Monetary Fund (IMF) has said that coronavirus has adversely affected economic activities in Pakistan as current account deficit is likely to shrink by 26 percent , exports by 7 percent and imports by 8 percent.

The IMF in its recent documents on economy of Pakistan estimated that Pakistan’s exports to will drop by seven percent to $23.732 billion and imports by eight percent to $44.481 billion, resulting in a reduction of 8.6%  in trade deficit to $22.699 billion.

IMF further estimates that remittances will drop by 8% to $20.790 billion and direct investment will see a drop of 16% to $1.705 billion. Pakistan’s oil imports will also shrink by 22% to $10.346 billion.