Daily Times

The Pakistan Tehreek-i-Insaaf government’s economic policies have helped the country come out of the deep crisis it was facing in 2018. A comparison data showed that the country’s current economic situation is far better than what it was in the year 2017-18.

According to the data released by State Bank of Pakistan (SBP), during fiscal year 2017-18, the last fiscal year of Pakistan Muslim League-Nawaz government, the exports of goods stood at $23.2 billion whereas in 2020-21, despite coronavirus related issues, the figure has reached to $25.3 billion.

Similarly, textile exports also increased by 6.6pc to $14.4 billion in 2020-21 compared to the exports worth of $13.5 billion in 2017-18. The export of Information Technology products and services jumped by 32.5pc as the exports went up from only $1.6 billion in the year 2017-18 to $2.12 billion in 2020-21. Likewise remittances which were $19.9 billion in 2017-18 reached a record figure of $29.4 billion during the previous fiscal year showing an increase of 48pc.

Despite a huge amount of debt repayments incurred due to previous governments’ debt, the incumbent government has managed to control the increasing debts of the country as the public sector debt fell from $30 billion taken by the previous government in its last three years to $21 billion in 2020-21 (first three years of the current government).

Tax revenue collection in the year 2017-18 stood at $3,844 billion which surged to $4732 billion in the previous fiscal year. Foreign currency reserves also improved substantially to $24.4 billion from only $16 billion in 2017-18. In the last fiscal year of the PML-N government, the current account deficit was a whopping $19 billion which has been brought down to $1.8 billion. Similarly the trade deficit which stood at $ 37 billion in 2017-18 has been reduced to $31.1 billion mark.