Friday, December 1, 2023

SBP governor faces IMF-related tough choices

Reza Baqir, Governor of the State Bank of Pakistan (SBP), stated on Wednesday that the average income of the population has increased.

In his speech to the Leaders in Business Conference, he stated that harsh decisions would have to be made as a result of the IMF programme. According to the governor of the SBP, Pakistan has overcome the threat of corona and today has a corona ratio that is far lower than the global average.

He stated that the Pakistani government ensured that financial help was disbursed as quickly as possible throughout the outbreak. He stated that loans of Rs2 trillion were granted to businesspeople, Rs430 billion was spent on new investment, and Rs240 billion was set aside for loans with favourable terms and conditions.

He stated that the growth rate has improved from a negative level to a positive level of 4 percent, indicating that people’s income has increased. He stated that overseas remittances climbed by 27 percent during the previous fiscal year and that the trend is expected to continue this year.

The governor of the State Bank of Pakistan (SBP) also met with Prime Minister Imran Khan and updated him on the progress being made in the implementation of the Roshan Digital Account and the current account. Reza Baqir, speaking during a briefing on the Roshan Digital Account (RDA) programme, stated that as many as 204,000 accounts have been registered so far by Pakistanis living abroad as a result of the effort. Approximately 1,000 new accounts are opened every day, according to him. He stated that they had received $2.3 billion in deposits into their accounts so far.

Read more: IMF negotiations start with the sixth installment at the end of the month : Tarin

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