ISLAMABAD – IMF Partner In Reforming Economy: Governor SBP. Governor of the State Bank of Pakistan, Dr Reza Baqir, on Tuesday, said that the International Monetary Fund is government’s partner in reforming the country’s current economic system.
According to details, the Governor gave a briefing in front of the Public Accounts Committee. In that briefing, the governor further said the relationship with IMF is based on mutual interest. Rana Tanvir Hussain of PML-N chairs the committee.
The Governor also assured the committee that in coming days the inflation will go down and public will feel the relief. He said monetary policy committee has decided to keep the policy rate unchanged at 13.25 percent. He said, bringing down the interest rate will affect the people who have kept their savings in the banks. However higher interest rate on the other hand is creating difficulties for the borrowers. IMF Partner In Reforming Economy: Governor SBP.
Baqir said people’s trust on the market exchange rate is growing and people are converting their dollar accounts into Pakistani currency. If the foreign reserves will grow, Pakistan will not have to approach international agencies for borrowing. He said, on the capital control, the IMF has revised its position however the situation in Pakistan is bit different.
Dr Baqir said the present government did not take loan from the State Bank of Pakistan. Due to which inflation is under control. However, the state bank at the same time making efforts to restore the confidence of foreign and local investors.