Pakistan economy to grow 2.4 percent in fiscal year 2024, economic survey shows

A customer buys vegetables from a stall at a market in Karachi on July 3, 2023. (AFP/File)
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Updated 11 June 2024
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Pakistan economy to grow 2.4 percent in fiscal year 2024, economic survey shows

  • Pakistan’s coalition government expected to lay out ambitious fiscal targets in the budget on Wednesday
  • Pakistan’s current account registered three straight months of surpluses until April, Finance Minister Aurangzeb says

ISLAMABAD, June 11 : Pakistan’s economy is likely to have expanded by 2.4 percent in the fiscal year that ends this month after contracting 0.17 percent during the previous year, the government’s economic survey showed on Tuesday, a day before the country’s federal budget is unveiled.

The growth estimate is in line with the State Bank of Pakistan’s full-year projection. The SBP cut its key interest rate by 150 basis points on Monday, in its first rate reduction in nearly four years as it strives to boost the economy.

Pakistan’s current account deficit narrowed sharply by 95 percent to $200 million in the July to April period of FY24 versus $3.9 billion in the same period a year ago, the survey showed.

The current account registered three straight months of surpluses until April, and May could be another month of surplus, Finance Minister Muhammad Aurangzeb said.

The government in its monthly economic review at the end of May said it was targeting economic expansion of 3.6 percent for the new fiscal year starting in July, amid an uptick in economic activity.

Pakistan is in talks with the IMF for a loan estimated to be anything between $6 billion to $8 billion to avert a default for an economy that is growing at the slowest pace in the region.

Prime Minister Shehbaz Sharif has publicly expressed his commitment to tough reforms since coming to power in a February election. These would be critical to securing the IMF loan, but high prices, unemployment and a lack of new job opportunities have piled political pressure on his coalition government.


Pakistan minister calls for integrating ocean awareness into education to preserve ecosystems

Updated 31 January 2026
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Pakistan minister calls for integrating ocean awareness into education to preserve ecosystems

  • Pakistan’s maritime sector posted a record $360 million profit in 2025 following a year of sweeping reforms
  • Junaid Anwar Chaudhry says education equips youth to make informed decisions, contribute to blue economy

KARACHI: Pakistan’s Maritime Affairs Minister Junaid Anwar Chaudhry has urged integrating ocean awareness into formal education systems and empowering youth as active partners in order to preserve marine ecosystems, his ministry said on Saturday.

Chaudhry said this at a meeting with Minister of State for Education and Professional Training, Wajiha Qamar, who called on him and discussed strategies for enhancing marine education, literacy, and youth engagement in sustainable ocean management.

Pakistan’s maritime sector posted a record Rs100 billion ($360 million) profit in 2025 following a year of sweeping reforms aimed at improving port efficiency, cost-cutting, and safeguarding marine ecosystems to boost the blue economy.

“Understanding our oceans is no longer optional, it is essential for climate resilience, sustainable development, and the long-term health of our maritime resources,” Chaudhry said, highlighting the critical role of marine literacy.

The minister said education equips youth to make informed decisions and actively contribute to marine conservation and the blue economy, urging inclusion of marine ecosystems, conservation and human-ocean interactions into curricula, teacher training and global citizenship programs.

“Initiatives like ‘Ocean Literacy for All’ can mainstream these elements in national policies, school programs, and community workshops to build proactive citizenship on marine challenges,” he added.

Ocean Literacy for All is a UNESCO Intergovernmental Oceanographic Commission–coordinated global initiative under the UN Ocean Decade (2021–2030) that promotes ocean awareness, education, and conservation.

Chaudhry announced reforms in maritime education, including granting degree-awarding status to the Pakistan Marine Academy, and the establishment of the Maritime Educational Endowment Fund (MEEF) to provide scholarships for deserving children from coastal communities.

“The scholarship program promotes inclusive development by enabling access to quality education for youth from over 70 coastal and fishing communities, particularly in Sindh and Balochistan,” he said.

The discussions underscored raising awareness about oceans, coastal ecosystems and marine resources, according to the Pakistani maritime affairs ministry. Both ministers stressed the need to integrate climate and marine education from classrooms

to community programs, addressing risks like rising sea temperatures, coastal erosion, biodiversity loss and pollution.

“Incorporating marine science and ocean literacy into curricula can help students connect local challenges with global trends,” Qamar said, underscoring education’s transformative power in building social resilience.

The meeting explored translating complex marine science into accessible public knowledge through sustained, solution-oriented awareness campaigns, according to the maritime affairs ministry.

With coastline facing pressures from climate change, pollution, and overexploitation, the ministers called for a coordinated approach blending formal education, informal learning and youth-led advocacy.

“A joint effort by the Ministries of Maritime Affairs and Education can cultivate an ocean-literate generation, transforming vulnerability into resilience and ensuring the long-term sustainability of coastal and marine ecosystems,” Chaudhry said.