Pakistan’s economy to recover considerably by next year: Reza Baqir

MG News | October 10, 2019 at 12:34 PM GMT+05:00

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October 10, 2019 (MLN): The Governor of State Bank of Pakistan (SBP), Dr. Reza Baqir on Thursday said that the depreciation of local currency has helped in curtailing the Current Account Deficit (CAD) to almost half of what it was in FY2017.

During a seminar held in local hotel to discuss the current economic challenges of the country, the Governor said that the freezing of Pakistani Rupee in the past had caused the CAD to rise.

Shedding some light on the role of International Monetary Fund (IMF), Dr. Baqir iterated that as a lender of last resort, IMF only provides financial assistance when it is certain that the country has the potential to pay back.

Governor SBP also informed that the government was moving towards digitalization to easy the process of documenting economy.

Furthermore, he informed that the tax collection by the Federal Board of Revenue had improved considerably.

He also stated that the economy of Pakistan was moving in the right direction, and that the positive impact of the harsh measures taken by the government would be visible by next year.

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