ISLAMABAD – Pakistan has launched its home-grown economic reform programwith key measures, said Governor State Bank of Pakistan Reza Baqir in ameeting with a delegation of International Monetary Fund (IMF).
He observed that the transition to a market-based exchange rate system,building foreign exchange reserves, and bringing down inflation were keyelements of SBP’s reform program to restore the financial stability and laythe foundations for sustainable and shared growth.
The initial results from the reform program are encouraging. The earliervolatility in the exchange market and associated uncertainty has subsidedand confidence was slowly improving. Inflation had risen due to theeconomic imbalances accumulated from previous years but inflationarypressures are expected to recede in the second half of the current fiscalyear, he added.
Nevertheless, the governor emphasized that these are the early stages ofthe reform process and it was essential to sustain the reform momentum andto keep policies focused on securing stability and promoting sustainableand shared growth.
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He looked forward to continuing a fruitful partnership with the IMF andother stakeholders in the international financial community to support thisreform program.
