IMF released new report on Pakistan economy and it's encouraging

IMF released new report on Pakistan economy and it's encouraging

ISLAMABAD - The International Monetary Fund (IMF) on Tuesday said economy of Pakistan is improving due to steps taken by Islamabad in line with the programme.

“Pakistan has took collective steps to uplift ailing economy”, the mission chief of the IMF said in his review report.

Pakistan has been urged for structural reforms as this will not help in coming out of boom and bust cycle. The current account deficit is also narrowing.

The government has increased funds for the Benazir Income Support Programme (BISP) link, though growth is slow at the time, but it is based on the assumptions.

The IMF mission chief further added that the confidence of the investors is restored in Pakistani economy due to steps taken by the incumbent government.

He said majority of the targets of the programme have been achieved including foreign reserves, government loans, budget deficit and others.

On December 19, the State Bank of Pakistan’s (SBP) net reserves jumped to $10.89 billion.

According to the central bank’s data, the country’s total foreign reserves stood at $17.65 billion.

The break-up of the foreign reserves position is as under:

Foreign reserves held by the State Bank of Pakistan: $10.89 billion. Net foreign reserves held by commercial banks: $6.76 billion

Total liquid foreign reserves: $17.65billion.