Pakistan The International Monetary Fund (IMF) has given a big blow. In fact, IMF has asked debt-ridden Pakistan to immediately end special concessions, tax exemptions and other protections for agriculture and textile sectors. A media report on Monday said that the IMF says that this has slowed down the pace of Pakistan's growth for decades. According to the newspaper Dawn, the IMF in its report on bailing out Pakistan's troubled economy has blamed both these sectors for not only failing to contribute adequately to the national revenue, but also becoming inefficient and non-competitive. Along with staying away, he has also been found guilty of misusing government money. Following the recently approved $7 billion bailout, the IMF stressed that Pakistan will have to change its economic policies of the last 75 years to avoid the boom-bust cycle.
Pakistan is far behind compared to other countries
The IMF report released on October 10 highlighted that Pakistan is far behind compared to other countries. There is a 'stagnation' that has affected the standard of living and pushed more than 40.5 per cent of the population below the poverty line. As of 2022, Pakistan was ranked 85th in the Economic Complexity Index, which was also the same as in 2000. “With exports heavily tilted towards agriculture and textiles (cotton yarn, rice, woven fabrics, beef and leather apparel), the country will be able to reallocate resources to more technologically complex products,” the report said. Had to struggle.”
Pakistan continues to weaken
According to the report, the current focus on agriculture has limited Pakistan's ability to diversify into more technologically complex commodities. Although Pakistan exports some high-value products such as pharmaceuticals, medical devices and plastic products, these sectors operate in a highly distorted economic environment.
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