The International Monetary Fund (IMF) has pinpointed several loopholes in Pakistan’s export strategy, attributing them to the country’s inability to boost its exports, according to media reports.
In a report submitted to the Pakistani government, the IMF highlighted significant weaknesses in Pakistan’s trade performance. Key issues identified include restrictions on payments, obstacles in imports, and unfavourable exchange rates.
The IMF suggests that Pakistan should consider global market trends in both exports and imports to enhance its competitiveness.
To improve export performance, the IMF recommends further value addition in local industries through the adoption of modern technology.
This would increase production efficiency and add value to Pakistani products.
The report draws comparisons with other countries, noting that Pakistan’s exports are significantly lower than those of Bangladesh, India, Vietnam, and Thailand.
It suggests that Pakistan should diversify its export sectors beyond textiles and agricultural products.
The IMF has requested Pakistan’s economic team to develop a comprehensive economic plan addressing these challenges to boost exports.
