Unemployment Rate in Pakistan Reaches 10.3%
The unemployment rate in Pakistan has climbed to 10.3%, according to Finance Secretary Chaudhry Imdad Ullah Bosal. He shared this update with the National Assembly Standing Committee on Finance on Thursday.
Here’s a quick rundown of the latest unemployment figures:
- World Bank: 10.3%
- International Labor Organization (ILO): 8.2% for 2024
- International Monetary Fund (IMF): 8%
- Pakistan Labor Force Survey (2020-21): 6.3%
Finance Minister Muhammad Aurangzeb, also present at the meeting, mentioned that a staff-level agreement with the IMF is expected by the end of this month, with the new program potentially lasting up to 36-39 months. He also reassured that the Pakistani Rupee is projected to remain stable in the near future.
Aurangzeb noted that while a slight rise in inflation is anticipated, there might also be a chance for reduced interest rates. The current account deficit is under control but will continue to be monitored and addressed with stabilization policies throughout the 2024-25 fiscal year.
