Past Seven Months Indicate Pakistan’s Economy Revitalization

The latest official data is manifesting revitalization of Pakistan’s economy during the past seven months of the current fiscal year as Roshan Digital Account (RDA) diverted expatriates’ savings, tax revenue target surpassed estimated figures, and cement exports elevated from previous highs.

RDA bringing stability

RDA is offering Pakistani expatriates lucrative returns on deposits than developed economies.

The initiative, ever since its start four months ago, has attracted a plethora of Pakistanis living abroad to deposit their savings in RDA accounts.

State Bank of Pakistan (SPB) reported that external inflows in Roshan accounts have reached US$400 million.

SPB officials have revealed that so far, some 80,000 accounts have been opened.

Cement exports

The relief for the construction industry by the government escalated local consumption of the product while incentives on exports boomed its supply out of Pakistan too.

In the first seven months of the fiscal year, a whopping 33.36 million tons of cement have been dispatched domestically and abroad.

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This is 15.77% higher than the overall supply of cement during the same period in the previous fiscal year.

The cement exports surged from 5.186 million tons to 5.71 million tons between July 2019 and January 2020.

The figures show a growth of 10.23% compared to the same period in the previous fiscal year.

FBR exceeds tax target

The Federal Board of Revenue (FBR) exceeded the tax target by Rs20 billion collected between July 2019 and January 2020.

FBR data shows that net tax collection during the period remained Rs2.57 trillion against the target of Rs 2.55 trillion.

The revitalization of Pakistan’s economy in the past seven months has brought relief for the government after the coronavirus pandemic that had hit Pakistan hard.