The government announced on Wednesday that the country’s GDP growth rate reached 1.73% in the second quarter of the current financial year, which ends on June 30.
Moreover, it revised its estimate for the previous quarter.
In a statement, the National Accounts Committee reported that Pakistan’s first-quarter real GDP growth was adjusted upward to 1.34% from the previously estimated 0.92%, driven by stronger-than-expected performance in the services sector.
The announcement came just hours after the International Monetary Fund (IMF) staff reached an agreement with the government for a new $1.3 billion financing package and commended Pakistan’s progress in strengthening macroeconomic stability.
Subject to approval by the IMF’s Executive Board, Islamabad will gain access to the $1.3 billion under a new 28-month climate resilience loan program. Additionally, the deal will unlock $1 billion for Pakistan under the ongoing $7 billion bailout program, bringing total disbursements under that scheme to $2 billion.
“The IMF team has reached a staff-level agreement (SLA) with Pakistani authorities on the first review of the 37-month Extended Arrangement under the Extended Fund Facility (EFF) and a new 28-month arrangement under the IMF’s Resilience and Sustainability Facility (RSF), with total access of approximately $1.3 billion (SDR 1 billion) over the period,” the IMF said.
