Leading Issues in the Economy of Pakistan: Agenda for Reforms quarterly reviews. The Fund released a loan installment of$1.2 billion to Pakistan on the 1 st of September. Prior to this in July and August the inflow had been marginal. 8.2 Size of Inflows The overall magnitude of external inflows into Pakistan in the first quarter of 2022-23 is presented in Table 8.1. The numbers present a depressing picture as follows: Table 8.1: External Inflows into Pakistan July – November 2022 2021-22 2022-23 Secondary Income 13,949 12,538 Workers’ Remittances 13,288 12,009 Other Current Transfers 661 529 Foreign Investment 532 232 Foreign Direct Investment 834 263 Foreign Portfolio Investment-302-31 Government Assistance 2,226 633 Disbursements 4,092 4,712 Amortization 1,866 4,079 TOTAL 16,707 13,403 ($ Million) Growth Rate -10.1 -9.6 -20.0 -51.4 -68.5 89.7 -71.5 15.1 118.6 -19.8 i) There has been a fall in secondary income of over 10 percent. Remittances have also declined by 10 percent while other current transfers are down by 20 percent. ii) Total foreign investment, direct and portfolio, has largely ceased with a precipitate fall of over 51 percent. iii) Net assistance to the Government in the form of loans has also been greatly reduced. Disbursements are up by 15 percent while the level of amortization has more than doubled. Overall, the total inflow in the five months of 2022-23 was$13.4 billion. This is$3.3 billion lower than the inflow in the corresponding period of 2021-22, implying a big fall of 20 percent. The IMF program includes an external financing plan for 2022-23 to ensure that not only does Pakistan meets its external payment obligations but is able to increase its foreign exchange reserves by$7 billion to a safe level by the end of 2022-23. The estimated total required inflow accordingly is$52.5 billion. On the average the monthly inflow in 2022-23 should be$4.4 billion or$22 billion in the first five months of 2022-23. The actual inflow was$13.4 billion, as shown in Table 8.1. This represents a big shortfall 90