Economy on right track with rising exports, prior to coronavirus pandemic : PM.

ISLAMABAD -- Prime Minister Imran Khan Thursday pointed out that Pakistan's economy had been improving prior to the coronavirus pandemic, duly recognized by international credit rating agencies, in addition to the surging exports at a fast pace. Speaking on the budget in the National Assembly, he said exports of Pakistan had been rising, on month-on-month basis, at the fastest rate early this year and added international agencies had rated Pakistan at B3, which was recognition of the country's improving economy at that time. He said the lockdown had negative repercussions for the economy in Pakistan, while strict lockdown imposed by India, had an adverse effect on its economy. He pointed out that rate of coronavirus infections was still higher in India as compared to Pakistan and people in cities like Mumbai, were forced to wait outside hospitals to get treatment against coronavirus. The PM said in India, 34 percent of the population had gone below the poverty line in the wake of lockdown. Millions of people were out on the roads to find work and to make ends meet when measures for a lockdown were taken, he added. He said due to coronavirus, the world was in recession and countries suffered losses of $ 12 trillion; many industries were closed down permanently; services sector particularly tourism and airline industry suffered immense losses and the world still did not know how long the economic crisis would continue. He said the Pakistan Tehreek-i-Insaf government inherited record level of current account deficit as previously exports were stagnant at $ 20 billion while imports going upto $ 60 billion. The high current account deficit showed that the country's economy was sick, he noted. He further said the deficit put pressure on the dollar exchange rate which in turn made imports expensive, and that led to higher inflation which adversely impacted prices of utilities and commodities and increased poverty. The total debt and liabilities went up from Rs 16000 billion to Rs 30000 billion during the...