Pakistan hopeful of 4.8% GDP growth in FY22

Pakistan has been buoyed by surpassing growth projections in the current financial year despite suffering a third wave of COVID-19 infections

Reuters
First Published11 Jun 2021
Pakistan clocked provisional GDP growth of 3.96%, compared to a target of 2.1%, for FY21.
Pakistan clocked provisional GDP growth of 3.96%, compared to a target of 2.1%, for FY21.

Pakistan, currently in talks with the IMF about its $6 billion bailout programme, on Friday set a growth target at 4.8% of GDP for financial 2021-22 and a fiscal deficit target of 6.3%.

Finance Minister Shaukat Tarin set out the annual budget before parliament, with a total spending outlay of 8.4 trillion rupees ($53.93 billion).

The South Asian nation has been buoyed by surpassing growth projections in the current financial year despite suffering a third wave of COVID-19 infections. GDP growth was clocked provisionally at 3.96%, compared to a target of 2.1%, for FY2020-21.

"We want to make sure of a growth rate of 6% to 7% in the next two to three years," Tarin told parliament.

Tarin also announced the country would set a target of 5.8 trillion rupees ($37.24 billion) in revenue collection for FY2021/22.

Pakistan is currently in talks with the IMF as part of the sixth review of its 39-month bailout programme, which it entered in 2019.

The revenue target has been a key topic in negotiations, and Tarin has said the IMF and Pakistani government debated ways to achieve the target, which is 23% higher than the current year's expected collection.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeNewsworldPakistan hopeful of 4.8% GDP growth in FY22

Most Active Stocks

Bandhan Bank

205.15
05:55 AM | 20 JUN 2024
6.3 (3.17%)

Bharat Electronics

312.90
05:55 AM | 20 JUN 2024
3.6 (1.16%)

Tata Steel

182.15
05:55 AM | 20 JUN 2024
2.1 (1.17%)

Indian Oil Corporation

168.80
05:55 AM | 20 JUN 2024
2 (1.2%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Gujarat State Fertilizers & Chemicals

257.80
05:44 AM | 20 JUN 2024
18 (7.51%)

Gujarat Fluorochemicals

3,469.40
05:44 AM | 20 JUN 2024
216.95 (6.67%)

City Union Bank

166.50
05:44 AM | 20 JUN 2024
9.5 (6.05%)

Hindustan Zinc

669.15
05:44 AM | 20 JUN 2024
36 (5.69%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    72,995.00-286.00
    Chennai
    73,353.00642.00
    Delhi
    73,210.00-285.00
    Kolkata
    72,995.00-571.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    103.94/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanGet App