Shaukat Tarin, Pakistan's Federal Minister for Finance and Revenue, stated on Saturday that the country saw significant V-shaped growth although being in a difficult International Monetary Fund (IMF) initiative.

The minister stated that the IMF plan was required due to an unmanageable current account deficit, declining foreign currency reserves, and a deadly COVID-19. He thanked Prime Minister Imran Khan and his staff for attaining this success.

“A robust V growth despite being in a difficult IMF program imposed by an enormous current account deficit and declining foreign currency reserves, and a severe Covid 19. Team Imran Khan, well-executed; thumbs up @FinMinistryPak @GovtofPakistan,” he tweeted.

Lt. Gen. (retd) Asim Saleem Bajwa, Chairman of the China Pakistan Economic Corridor Authority, stated on Saturday that all significant macroeconomic indicators were heading in the right direction thanks to the government's tremendous efforts.

“It isn't without tremendous hard effort, Pakistan's economy performed above expectations, including all main macroeconomic indicators indicating a positive trend during the Covid-19 pandemic,” he tweeted.

As per Asim Bajwa, the tireless effort culminated in 3.94 % economic growth during the outgoing fiscal year.

It is worth noting that the National Accounts Committee (NAC) projected on Friday that the preliminary growth rate of Gross Domestic Product (GDP) for the current fiscal year (2020-2021) was 3.94%.

Pakistan's per capita income increased by 13.4 % in the current fiscal year (2020-21), from $1361 to $1543, as a result of GDP growth and the reinforcement of the Pakistani rupee versus the US dollar.

The current fiscal year's GDP growth from $263 billion to $296 billion, a $33 billion gain, was the greatest for any year.

The planning ministry announced on Friday that its preliminary estimate - up from Pakistan's previous expectation of 3% - was based on statistics for the first half of the year, which showed growth in the agricultural, industrial, and services sectors of 2.77 %, 3.57 %, and 4.43 %, correspondingly.

“This growth in such a time when COVID-19 posed a significant challenge to the economy is incredibly rewarding,” Asad Umar, Minister of Planning, tweeted.

On Friday, the ministry reduced GDP growth for the fiscal year ending June 30, 2020, from -0.38 % to -0.47 %.

The IMF forecasts GDP growth of 1.5 % in 2020/21, whereas the World Bank forecasts an increase of 1.3 %.

Prime Minister Imran Khan's administration is just weeks away from delivering its annual budget, which could face severe problems due to a large fiscal imbalance and an aggressive tax collection objective.

Pakistan's per capita income increased by 13.4 % this year, from $1,361 to $1,543, caused by a combination of GDP growth and the reinforcing of the Pakistani rupee versus the dollar, as per Umar.

As per him, total GDP climbed from $263 billion to $296 billion, the greatest growth recorded for any year.

After Khan's administration deferred it for months, the South Asian nation of 220 million people entered a $6 billion IMF stability plan in 2019.

Pakistan's Finance Minister, Shaukat Tarin, has stated that the country is in negotiations with the IMF about relaxing the loan's "strict terms."

Before Khan's nomination in 2018, GDP growth was 5.8 %, with inflation hovering at 4 % until it spiked to double digits last month. $2.5 billion in foreign bond market borrowing and record of significant remittances have recently offered ample room to breathe.

In April, Pakistan's economy received a record amount of remittances from Pakistanis living abroad. Remittances from Pakistani labor working overseas reached a record monthly high of $2.8 billion in April, up 56 % over the previous year, as per the central bank stated on Tuesday.

Remittances have also surpassed the old record on a cumulative basis. The central bank added that proactive policy efforts by the government and the State Bank to promote increased inflows through banking channels, reduced cross-border travel because of the epidemic, and Eid holiday-related inflows added to this year's historic levels of remittances.

Workers' remittances topped historical highs, hitting $24.2 billion in the first 10 months of the current fiscal year, representing a 29% increase in the same time last year. As per the latest figures issued by the State Bank of Pakistan, remittances for July-April (2020-21) surpassed overall remittances mostly during the previous fiscal year (2019-20) by more than $1 billion (SBP).