General Syed Asim Munir, Chief of Army Staff (COAS), visited the Karachi Corps area of responsibility, where he was briefed on operational preparedness and key training initiatives undertaken by the Army.
During his Karachi visit, COAS also inaugurated Innovista Indus IT Park, a hub aimed at empowering Pakistan’s youth by fostering academia-industry collaboration in the field of Information Technology, particularly Artificial Intelligence.
During the visit, he inaugurated the Innovista Indus IT Park, emphasising that “despair is a sin” and reminding the nation of his message from a year ago to remain hopeful.
He highlighted that Pakistan, founded on the Kalima, cannot be harmed without Allah’s will. General Munir also compared the nation’s progress from June 2023 to the present.
He added that Pakistan’s economy has shown significant signs of recovery as key economic indicators improve for the fiscal year 2024. Gross Domestic Product (GDP) growth has accelerated to 2.38 per cent, a sharp increase from the 0.29 per cent reported in June 2023. Projections for FY-25 anticipate even more robust growth at 3.5%, indicating continued positive momentum.
Additionally, Pakistan’s trade deficit has contracted substantially, reducing from $27.47 billion in June 2023 to $24.09 billion by September 2024. Similarly, the current account deficit shrank dramatically from $2.55 billion to just $0.68 billion.
Moreover, export performance has also been encouraging, with total exports climbing to $30.6 billion. Agricultural exports surged from $4.7 billion to $7.1 billion, while the information technology (IT) sector saw a remarkable 23% increase, reaching $3.2 billion.
Remittances and inflows into the Roshan Digital Account (RDA) have strengthened, reflecting the renewed confidence of Pakistan’s diaspora. Remittances have reached $30.2 billion, and RDA inflows have surged from $1.96 billion to $8.58 billion. Foreign direct investment (FDI) has also grown, improving from $1.63 billion to $1.9 billion.
The inflation rate, a critical indicator of economic stability, has declined sharply from a high of 38 per cent in June 2023 to 9.6 per cent by September 2024. The State Bank of Pakistan responded to this favorable trend by lowering its policy rate from 22% to 17.5 per cent. Concurrently, the Pakistani rupee appreciated significantly, strengthening from Rs 333.5 to Rs 278 per US dollar, further stabilizing the economy.
The Pakistan Stock Exchange (PSX) has achieved record-breaking performance, with the KSE-100 index soaring to an all-time high of 82,463 points in September 2024, up from 41,452 in June 2023. This surge is driven by record corporate profits, with the top 86 companies posting a collective profit of Rs 1.7 trillion, fostering strong investor confidence.
Fuel prices have also decreased significantly, providing much-needed relief to consumers. As of September 2024, fuel prices are down to Rs 259 per liter, compared to Rs 288 in May 2023.
Internationally, the approval of a $7 billion International Monetary Fund (IMF) program has bolstered financial stability, even as Pakistan looks to move beyond IMF support in the future. Global companies like MAERSK, Google, Starlink, and BYD have increased their business engagements in the country.
Additionally, China has renewed its interest in relocating industries to Pakistan, enhancing the nation’s growth prospects.
Moody’s has upgraded Pakistan’s credit rating from Caa3 to Caa2, with a positive outlook, reflecting increased confidence in the country’s economic recovery. The business community has been instrumental in driving these improvements, working closely with the government and institutions like the Special Investment Facilitation Council (SIFC).
The Army Chief also appreciated the support of brotherly and friendly countries in Pakistan’s economic recovery, emphasising that Pakistan holds significant potential in various sectors.
Furthermore, urged everyone to have unwavering confidence in Pakistan’s bright future, as the country, with its vast resources and talents, will secure its rightful place globally, God willing.
