ISLAMABAD:- On a free fall of Pak Rupee against US greenback, the State Bank of Pakistan said that it is monitoring economic developments and taking steps to consolidate rupee value.
The high official of the State Bank told media persons in informal chit chat that the the central bank as regulator took number of steps to control the situation.
They made it clear that neither Pakistan is defaulting nor it will going to default. The International Monetary Fund (IMF) and friendly countries are with Pakistan
The officials said that Pakistan’s economy has now stabilized and its condition is better than Sri Lanka and Ghana due to tough decisions of the government to divert the situation. The government has taken all difficult steps and the situation is different now.
IMF program remaining on track & being extended, they said.
They said that the country’s external financing needs are met that are helping to reduce external vulnerability of the country over the medium term. Pakistan is in comfortable position to meet its external financing requirements of the current fiscal year.
While comparing the economic situation of Paksitan and Sri Lanka, the officials of the SBP said that the Sri Lanka’s fiscal position has been much worse than Pakistan. Primary deficits of Sri Lanka was 3 to 4 times higher since Covid-19. At around 70 percent of GDP Pakistan public debt is reactively contained
Current challenges of inflation and current account deficit are driven by higher commodity prices and loose fiscal policy
Compare to high-risk emerging market is Pakistan is less vulnerable due to on-going IMF state program