FM Qureshi says coronavirus to put more pressure on Pakistan economy

Pakistan Foreign Minister Shah Mahmood Qureshi has said the coronavirus pandemic has put additional pressure on the already frail Pakistan’s economy.

In a statement on Thursday, FM Qureshi said that the pandemic has brought economic activity in the country to a standstill and has reduced Pakistan’s exports.

The State Bank of Pakistan (SBP) expects Pakistan’s economy to contract by 1.5pc in FY20 before recovering to around 2pc growth in FY21, due to coronavirus shock. Whereas, inflation rate is expected to be close to the lower end of the previously announced 11-12 percent range this fiscal year, and to fall to 7-9 percent range next fiscal year.

Qureshi said efforts are afoot to bring back the stranded Pakistanis in the Gulf at the earliest. Talking about government efforts he said that screening is being done at the airports and quarantine facilities have also been expanded there.

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