WASHINGTON: International Monetary Fund (IMF) has predicted an increase in Pakistan’s trade deficit.

According to details, IMF has forecasted that in next fiscal year, Pakistan’s trade deficit is expected to increase, with estimates of growth in both exports and imports. IMF has stated that in new fiscal year, Pakistan’s trade deficit is likely to increase by $ 4.165 billion. Pakistan’s imports are estimated to increase by $ 5.517 billion, while exports are expected to rise by $ 1.352 billion. According to IMF, Pakistan’s trade deficit could increase to $ 7.923 billion. Forecast for new fiscal year predicts volume of imports to be $ 60.48 billion, while Pakistan’s exports are estimated to be $ 32.56 billion in next fiscal year.

In current fiscal year, Pakistan’s trade deficit is expected to be $ 23.76 billion, with imports estimated at $ 54.96 billion. By end of current fiscal year, exports are expected to reach $ 31.2 billion. Earlier, International Monetary Fund released an official statement following discussions with Pakistan. Statement confirms that Islamabad has formally requested new loan programme from IMF. IMF delegation, led by Mission Chief Nathan Porter, visited Pakistan and held extensive negotiations from May 13 to May 23 to discuss country’s economic improvements. Statement highlights that Pakistani government is making serious efforts to increase revenue and emphasises need for fair tax collection from privileged sectors.