ISLAMABAD: The International Monetary Fund (IMF) programme would force Pakistan to make difficult decisions in the future, according to State Bank of Pakistan (SBP) Governor Reza Baqir.
He said this at a lecture to a group of business leaders on Wednesday.
Pakistan has defeated the threat of COVID-19, according to the SBP governor, and the infection’s positivity rate is now “far lower than the global rate.”
During the coronavirus outbreak, he claimed, the Pakistani government ensured that financial aid was distributed quickly. According to the journal, Rs2 trillion in loans were given to businesses, Rs430 billion was spent on new investment, and Rs240 billion was allotted for low-interest loans.
According to Baqir, people’s income has improved as the growth rate has increased from 0% to 4%.
Foreign remittances also grew by 27% last fiscal year, and the trend is expected to continue this year, he said.
Meeting between the governor of the SBP and Prime Minister Imran Khan
The governor of the SBP also met with Prime Minister Imran Khan and updated him on the status of the Roshan Digital Accounts.
He claimed that as many as 204,000 accounts have been registered by overseas Pakistanis so far, with 1,000 accounts being opened every day, during a briefing on the Roshan Digital Account programme. He stated that they had received $2.3 billion in the accounts thus far.
The surge in the number of accounts under the scheme, according to Prime Minister Imran Khan, is a reflection of confidence in the existing administration among foreign Pakistanis.
On August 18, it was reported that the Roshan Digital Account (RDA) programme had reached a significant milestone, surpassing the $2 billion barrier, as abroad Pakistanis continued to have faith in the central bank’s effort, which was introduced in September of last year.
International Monetary Fund (IMF) has granted Pakistan $2.75 billion.
The SBP got $2.75 billion from the IMF last month as part of the fund’s newly announced Special Drawing Rights (SDR) allocation.
The central bank had tweeted, “SBP has received US$2.75 billion from the IMF, as part of SDR allocation announced by the IMF recently.”
Pakistan was scheduled to receive the funds on August 23 from the IMF’s general allocations of $650 billion, which were agreed to help increase global liquidity in the wake of the global coronavirus outbreak.
The funds were transferred straight to the SBP, increasing the country’s foreign exchange reserves and having a positive influence on the economy.
On August 2, 2021, the IMF’s Board of Governors approved a general allocation of SDRs worth $650 billion to support global liquidity.
The distribution, according to the IMF, would benefit all members, satisfy the long-term global need for reserves, promote trust, and support the global economy’s resilience and stability.
It would be especially beneficial to the most vulnerable countries attempting to cope with the COVID-19 problem.
Your email address will not be published. Required fields are marked *