Pakistan and the IMF bailout package: Governor SBP makes key announcement

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Pakistan and the IMF bailout package: Governor SBP makes key announcement

KARACHI - Over the issue of Pakistan going for the International Monetary Fund bailout package again, Governor State Bank of Pakistan says that Pakistan will not go to the International lender again after completion of current programme.

Pakistan may not go for another bailout loan from the International Monetary Fund (IMF) as the recent measures taken to shore up foreign exchange have started bearing fruits, the central bank governor said on Monday.

“The goal is to have foreign exchange reserves that are sufficiently high and with that we will not go back to the IMF for another programme,” Reza Baqir said at a lecture on “Pakistan Economy: Macroeconomic Challenges and Outlook” here at IBA Karachi.

“Pakistan will not be experiencing a reserves fall as it had faced at the close of every past Fund’s programmes,” Baqir added. The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose to $8.46 billion as of September 20 from $7.28 billion at end-June 2019.

“Pakistan will not be experiencing a reserves fall as it had faced at the close of every past Fund’s programmes,” Baqir added.

The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose to $8.46 billion as of September 20 from $7.28 billion at end-June 2019.