Imports have come under control, says Miftah Ismail

July 20, 2022 (MLN): Federal Minister for Finance and Revenue Miftah Ismail on Wednesday said that the imports have come under control from last year.

In his tweet, he said that the import bill till July 18 was $2.6 billion, 20% below last year’s level.

“We will end the month at $5.5 billion. The runaway imports from last year have come under control this month thanks to the State Bank of Pakistan’s (SBP) measures,” he wrote.

We will continue with these measures in the near term to ensure imports and CAD remain under control, he added.

He tweeted this after PKR witnessed a massive depreciation of 6.8 rupees yesterday and closed at Rs222 per US dollar.

Today, PKR has lost over three rupees in intraday trade so far and is being traded at Rs225 per USD.

The KSE-100 also witnessed a blood bath yesterday due to uncertain political and economic conditions and a freefall of a PKR as it lost 978 points and closed at the 40,389 points level on Thursday.

Meanwhile, on the external front, Pakistan's trade deficit reached an all-time high of $48.67 billion in FY22 compared to $30.9bn in FY21, marking a growth of 57% YoY, as per PBS data.

As per the data, exports increased by 25% to $31.765 billion in FY22, compared to $25.16 billion recorded during FY21.

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