Pakistan’s Unemployment Rate Rises to 10.3%, Finance Secretary Informs National Assembly Committee

Islamabad:Finance Secretary Chaudhry Amjadullah Bosal has informed the National Assembly’s Standing Committee on Finance that Pakistan’s unemployment rate has risen to 10.3%.

During a briefing with Finance Minister Mohammad Orangzeb, the Secretary stated that the World Bank has projected a 10.3% unemployment rate for 2024, while the International Labour Organization estimates it at 8.2%. The International Monetary Fund (IMF) believes the rate to be around 8%.

Secretary Bosal noted that the last official Pakistan Labour Force Survey in 2020 reported an unemployment rate of 6.3%. He highlighted that due to the postponement of last year’s population census, a new survey by the Pakistan Labour Force was not conducted.

Finance Minister Mohammad Orangzeb informed the committee that negotiations with IMF staff level agreement could conclude by the end of next month. The new program will continue for 36-39 months. He assured that the Pakistani rupee would remain stable in the coming days.

The Finance Minister anticipated moderate growth in excess liquidity in the coming months but noted the possibility of a decrease in interest rates. He highlighted stabilization policies during the fiscal year 2024-25 to address current account losses.