In its report, the finance ministry says that climate-induced flooding across Pakistan has destroyed agriculture. — AFP/File

ISLAMABAD: Inflation was recorded at 25.1% during the first quarter of the fiscal year 2022-23 compared to 8.6% in the same period of the preceding year, says the Minister of Finance in its economic report.

The Ministry of Finance Sunday released its monthly economic report highlighting the need for a strong economy to stabilise the currency.

As per the report, climate-induced flooding across Pakistan has destroyed agriculture resulting in a decrease in the production of major crops. Sugarcane production has been reduced by 8%, rice by 40.6%, and cotton by 24.6%, while the target of wheat production has been set at 28.37% million tons.

The budget deficit from July to September, as per the report, was Rs672 billion rupees, increasing by 45.4% in the financial year’s first quarter. However, during the same period in 2021, the budget deficit stood at Rs462 billion.

As per statistics, the Federal Bureau of Revenue’s returns increased by 17% in the first quarter of the financial year. From July to September, exports increased by 5.5%, imports decreased by 7.9%, the current account deficit was $2.2 billion, remittances stood at 3.6%, and total investments decreased by 83.7%.

Moreover, the finance ministry’s report also stated that the State Bank’s reserves were $8.884 billion as of October 26. The overall economic condition in the report, however, projects betterment.

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