The sources said Finance Minister Miftah Ismail had this week informed the Prime Minister Office that the finance ministry was considering reaching out to the IMF for an emergency assistance package. Due to the 2010 super floods, the economic growth rate had slowed down by 2% and the economic losses had been estimated at $9.7 billion. The finance ministry sources said that the agriculture sector growth may shrink 1.8% as against the pre-flood target of 3.9%. The major hit is coming from the important crops’ side, which will see a contraction of 18% over the growth rate of the previous fiscal year. The finance ministry sources said that the growth rate in the industrial sector could slow down to 2.8% instead of its target of 5.8%.

Source: The Express Tribune September 01, 2022 15:04 UTC