2023 Pakistan faces a 7.8% GDP fiscal deficit, borrowing $7.142bn with limited avenues due to poor credit ratings.
Pakistan's economy faces a fiscal deficit issue with a 7.8% GDP deficit in 2023, a 35% YoY increase during the first eight months of the fiscal year. The country borrowed $7.142bn from various sources during the first 10 months of the current fiscal year (2023-24), compared to $8.123bn in the same period of the previous year. Pakistan's foreign loans and grants totaled around $11.3bn in the first 10 months, far behind the annual target of $17.4bn, resulting in limited borrowing avenues and poor credit ratings.
May 25, 2024
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