PTI government’s big economic achievement in FY 2019
ISLAMABAD – The International Monetary Fund (IMF) has hailed the improvements in Pakistan’s economy as the government managed to reduce circular debt from 38 to 10 billion rupees in July this year.
According to the Finance Ministry, the IMF stated that Pakistan’s reform program is on track and already producing results. In its latest report, the IMF conceded that the business climate has improved, and market confidence is returning.
The report confirmed that inflation has been started to stabilize and the State Bank of Pakistan’s stance is appropriate. It said that the Pakistan economy has witnessed significant improvements, including stability in exchange rates for five months and appreciation in rupee’s value.
The report mentioned that the government managed to reduce circular debt from 38 to 10 billion rupees in July this year. It also said that the government too provided an additional budgetary allocation of 20 to 30 billion rupees to cover the 10 percent down payment by beneficiaries of affordable housing.
Earlier, Pakistan received a $454 million second tranche link the IMF under a $6 billion Extended Fund Facility (EFF).