Pakistan GDP growth will slow to 5% for the upcoming fiscal year beginning on July 1, from 5.9% in the outgoing year, following budgetary tightening aimed at winning International Monetary Fund (IMF) support, the government said on Saturday.
The planning ministry made the estimates ahead of the annual budget to be presented on June 10.
Pakistan’s foreign reserves have been on a steep decline in recent months – falling to $9.7 billion, less than 45 days of imports.
The current account posted a deficit of $13.8 billion (3.5% of GDP) in July-April of the outgoing financial year.
Average inflation was recorded at 11.3% during July-May of the current fiscal year, as compared to 8.8% in the comparable period of the previous year.