IMF loan program pivots to growth from stabilisation: SBP :

IMF loan program pivots to growth from stabilisation: SBP


Business
June 2, 2021
KARACHI: International Monetary Fund’s (IMF) loan program for Pakistan is shifting its focus to growth from stabilisation measures as the economy has stabilised, the central bank’s governor said on Tuesday.
“The IMF program right now is in a stage of pivoting from stabilisation to growth. Pakistan has successfully demonstrated that it has stabilised,” the State Bank of Pakistan (SBP) Governor Reza Baqir said in an interview to Bloomberg Television.
The economic growth has been projected at 3.9 percent for the current fiscal year and the foreign exchange reserves are reaching to four years high.
Baqir said the current account deficit touched the $19 billion mark in 2018/19 but in the first three quarters of the current fiscal year it has converted to a surplus of $900 million.

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