ISLAMABAD – The International Monetary Fund (IMF) has hailed theimprovements in Pakistan’s economy as the government managed to reducecircular debt from 38 to 10 billion rupees in July this year.
According to the Finance Ministry, the IMF stated that Pakistan’s reformprogram is on track and already producing results. In its latest report,the IMF conceded that the business climate has improved, and marketconfidence is returning.
The report confirmed that inflation has been started to stabilize and theState Bank of Pakistan’s stance is appropriate. It said that the Pakistaneconomy has witnessed significant improvements, including stability inexchange rates for five months and appreciation in rupee’s value.
The report mentioned that the government managed to reduce circular debtfrom 38 to 10 billion rupees in July this year. It also said that thegovernment too provided an additional budgetary allocation of 20 to 30billion rupees to cover the 10 percent down payment by beneficiaries ofaffordable housing.
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Earlier, Pakistan received a $454 million second tranchelinkthe IMF under a $6 billion Extended Fund Facility (EFF).
