The International Monetary Fund (IMF) on Tuesday lowered Pakistan's economic growth forecast to two per cent for the current fiscal year, down 0.5 percentage points from its October estimate of 2.5 per cent, Dawn newspaper reported.
The International Monetary Fund (IMF) has revised Pakistan's foreign loan requirement to USD 25 billion for this fiscal year, reducing it by USD 3.4 billion, The Express Tribune newspaper reported, adding that it also lowered Pakistan's economic growth projection to just 2 per cent.
The 0.29 per cent growth rate is the lowest increase in the national output in the past four years exposing the mismanagement of the economy that is highly insufficient to meet the needs of 250 million people.
The World Bank in its flagship report 'Pakistan Development Update' warned Pakistan regarding serious dangers to its economic and debt viability while predicting almost flat economic growth.
Fitch Solutions anticipated that the current cycle of rupee devaluation has not yet ended and that rupee will continue to lose its value against the US dollar, considering the high demand for foreign currency to pay for imports and repay colossal foreign debt.