IMF Criticizes Pakistan’s Export Strategies, Calls for Comprehensive Reforms

The International Monetary Fund (IMF) has expressed dismay at Pakistan’s efforts to boost its exports, identifying several key issues hampering the country’s export potential. In its recent report on Pakistan, the IMF noted that the country remains significantly weaker in exports compared to regional peers such as Bangladesh, India, Vietnam, and Thailand.

The report highlighted payment restrictions, tariff and non-tariff barriers to imports, and inconsistent exchange rates as the primary reasons for Pakistan’s low export figures. The IMF emphasized the need for Pakistan to consider the competitive global market for exports and imports, urging the adoption of modern technology and value addition to locally produced goods.

“Pakistan must take into account the atmosphere of competition in the global markets for exports and imports, add more value to the goods produced in local industries to enhance exports, and adopt modern technology for increasing production and value addition,” the report recommended. Furthermore, the IMF pointed out that the demand for Pakistani products in the global market is not on par with regional competitors. It stressed the importance of diversifying exports beyond textile and agricultural products, encouraging growth in other sectors.

In response to the IMF’s findings, sources in the Ministry of Commerce revealed that the IMF has requested a detailed plan from Pakistan’s economic team to enhance exports. This plan is expected to address the identified issues and propose strategic measures to boost the country’s export performance.