Pakistan’s economy is stabilizing: IMF
The International Monetary Fund (IMF) on Tuesday said economy of Pakistan is improving due to steps taken by Islamabad in line with the programme, media sources reported.
“Pakistan has took collective steps to uplift ailing economy,” the mission chief of the IMF narrated in his review report.
Pakistan has been urged to develop structural reforms as it needs to come out of the boom and bust cycle. The current account deficit is also decreasing.
The government has increased funds for the Benazir Income Support Programme (BISP), although growth is gradual at this time, however, it is assumed.
The IMF mission chief further added that the faith of the investors is restored in the Pakistani economy by steps taken by the incumbent government.
He remarked that the majority of the goals of the programme have been achieved including foreign reserves, government loans, budget deficit amongst others.
On December 19, the State Bank of Pakistan’s (SBP) net reserves catapulted to $17.65 billion.
According to the central bank’s data, the country’s total foreign reserves stood at $17.65 billion.
The break-up of the foreign reserves position is as follows:
Foreign reserves held by the State Bank of Pakistan: $10.89 billion. Net foreign reserves held by commercial banks: $6.76 billion
Total liquid foreign reserves: $17.65 billion.