What has the year 2020 been like for Pakistan Economically?

2020 is coming to an end. How this year went, everyone's experiences will be different, but one thing is for sure, there is hardly a person on the planet who has not been affected by the economic situation caused by the corona virus in the year 2020. Everyone from developed countries to developing nations have been affected. Let's find out how much the Pakistani economy has been affected in one year and what other factors besides Corona have had on the economic condition of Pakistan. It would not be wrong to say that the Pakistani economy is linked to the fluctuations of the dollar. But the dollar is not the only measure of economic growth and decline. Apart from this, there are other factors that play an important role in determining the economic direction. Today we will look at most aspects. Let's take a look at the dollar first. On January 1, 2020, the value of the dollar in Pakistan was about 154 rupees and in December 2020, its value is around 160 rupees. But in that one year, the value of the dollar had reached close to 170. The reason for the random fluctuations in the value of the dollar is the agreement reached with the IMF. Accordingly, the SBP will not control the dollar and the market will determine the price on the basis of supply and demand. But the ups and downs seen in a year are few and far between. In the past, the value of the dollar has risen sharply, but has not fallen by about 12 rupees.When the value of the dollar reached Rs 108 in 2014, Sheikh Rashid had claimed that the government could not bring the value of the dollar to Rs 100, but then-Finance Minister Ishaq Dar denied the alleged aid of 1.5 billion$ from Saudi Arabia. By using it, they managed to bring the value of the dollar to Rs. 97.Ever since the PTI government came to power, it had pinned its hopes on Pakistanis abroad, but despite Imran Khan's request, they refused to send dollars to Pakistan. The government offered Pakistanis abroad up to 7% interest on dollar accounts, compared to 0.5% to 1% worldwide.In addition, Pakistanis living abroad have been provided the facility to open an online account on easy terms. Payments will be online and so will receipts, resulting in thousands of bright digital accounts being opened in just a few months, and millions of dollars in deposits. According to SBP Governor Raza Baqir, Pakistan is receiving about 2 million$ a day in Roshan Digital Account and by November 23, 2020, Pakistan has received about Rs. 16 billion.In addition, Pakistanis living abroad have been provided the facility to open an online account on easy terms. Payments will be online and so will receipts, resulting in thousands of bright digital accounts being opened in just a few months, and millions of dollars in deposits. According to SBP Governor Raza Baqir, Pakistan is receiving about 2 million$ a day in Roshan Digital Account and by November 23, 2020, Pakistan has received about Rs. 16 billion.Another important reason is the corona virus, which has led to debt relief. Pakistan has also managed to take time to repay loans of about 800 million$ from G20 countries. Even today, the value of the dollar is higher than in January 2020, but the government's efforts to control the dollar look better.The most important topic was giving Pakistani trucks direct access to Uzbekistan, Tajikistan and Azerbaijan. It is learned that a lot of work has been done on this issue and it is hoped that in the coming days these routes will be opened for Pakistan which will help in increasing exports.Government measures have raised hopes for Pak-Afghan trade

In addition, issues such as the sale of goods at the Pak-Afghan border and the filling of files with paperwork have also come under consideration. It has been agreed to strictly implement the options of implementing modern scanning system at the border, installing border fencing and computerizing the system. In addition, there are reports that the two sides have agreed to set up joint offices of the Chambers of Commerce in Torkham and Kabul. If that happened then we would all be in for a rude awakening. Afghan spare parts and cigarettes are on the negative list of Pakistan, which has made the spare parts of used vehicles in Pakistan more expensive. Much progress has also been made in these meetings to remove them from the negative list. These measures have created new hopes for traders and the business communities on both sides seem to be happy with their governments.