According to, for the first time in 68 years, Pakistan's economy is set to contract with a weak financial situation even before it contracted the disease, with a negative 0.38% in the fiscal year retiring as a result of the adverse effects of the corona virus epidemic. ۔ The economic survey was unveiled on Thursday.
Releasing the Pakistan Economic Survey 2019-20, Finance Advisor Abdul Hafeez Sheikh said that the Corona virus epidemic has taken a heavy toll on the economy, which has so far affected about 120,000 people in the country. What is, and has forced the government to impose a lockdown for several weeks.
In the current financial year ending June 30, epidemics have hit hard.
years For the first time in 68 years, Pakistan's economic stabilization policies as well as the negative impact of the novel coronavirus have resulted in a modest 0.38% contract in the retiring fiscal year, which hit the industrial sector long before the deadly epidemic. Was impressed
According to the Economic Survey, the agricultural sector, which grew by 2.7 per cent, saw negative growth in the industrial and services sectors, which reduced the overall growth to minus 0.38 per cent in the financial year 2019-20. , Ending June 30.
Per capita income also declined to 3 1,366 in dollar terms - up 6.1%, but rose to Rs. 214,539 in rupee terms.
Sheikh said the International Monetary Fund (IMF) had warned of the severe effects of COVID-19 on developing countries due to declining exports and remittances.
During July-April 2020, the total tax collection increased by 10.8 per cent to Rs 3,300.6 billion from Rs 2,980 billion in the same period last year. The estimated tax collection for the period was Rs 4,510 billion.
He said the current account deficit narrowed by 73.1 per cent to 2. 2.8 billion (1.1 per cent of GDP) from 10. 10.3 billion last year, or 3.7 per cent of GDP.
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He said the government manages state expenditure and did not borrow from the State Bank of Pakistan during the outgoing financial year.
He said that Rs.3000 billion has been set aside for repayment of loans in the coming year while Rs.5000 billion has been given in the outgoing year. He promised more relief in the new budget and also reduced taxes and did not impose any new taxes to encourage growth and development in the industry.
Minister for Home Affairs Khusro Bakhtiar said that when he came to power in August 2018, this government had destroy 9 billion in foreign exchange and it will exceed 18 18 billion by the end of this year.
He said that Pakistan's total external debt was .5 76.5 billion which was having a negative impact on Pakistan.
He said that the debt was 40 billion in 2013 and increased to ا 48 billion by 2013 under the rule of Pakistan Peoples Party and in the five years of PML-N it increased again to 73 73 billion in 2018.
The Economic Survey is considered an authoritative document of the government and is launched every year before the announcement of next year's budget.
The government has already announced that the 2020-21 budget will be tabled in Parliament on June 12.
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