Over $7bn lost in exports, remittances

As the PDM government keeps struggling to secure $1.1 billion from the International Monetary Fund (IMF), the country lost $7.15bn on account of shrinking exports and remittances during the first 11 months of FY23. Despite missing out on targets for the outgoing fiscal year, the government has fixed higher exports and remittances projections for FY24. Exports plunged by $3.491bn, or 12 per cent, to $25.380bn during July-May of FY23 compared to $28.871bn in the same period of the last year, official data showed. Similarly, remittances fell by 12.8pc to $24.831bn during the first 11 months of the current fiscal year, posting a net loss of $3.658bn. The combined loss from these two sectors is much higher than the country is willing to receive from the IMF and borrow from commercial banks and other multilateral lending agencies.