ISLAMABAD: State Bank of Pakistan (SBP) Governor Reza Baqir has said that the incumbent government had to approach the International Monitoring Fund (IMF), for addressing the country’s economic issues.
Speaking during an interview with a private television channel, the central bank governor said that the government had to consult IMF for removing the current account deficit that has almost reached nineteen billion dollars, adding that all-out efforts were being made to improve the economy and exports of Pakistan.
Lamenting over weak policies adopted by last regimes, comprehensive policies for stabilising the economy were not made a focus.
He said that the government has introduced different schemes including low-cost housing project for the people drawing meagre salaries from different resources in order to streamline the system. “Subsidy was also given to people on loans at reasonable a markup rate,” he added.
Replying to a question, Baqir said a Tariff Scheme, under which Rs4 billion has been approved, has been introduced for the provision of a loan to people, while banks have been given instructions to take steps to facilitate the loan seekers.
Commenting on the pandemic, Baqir said Pakistan was the first country in the region to make progress in the export sector. “Pakistan’s foreign reserves have increased from seven billion to thirteen billion dollars”.
Further, the said that the construction sector has also been opened to minimise the burden on the labour community.
“We are taking steps to avert the adverse economic effects of the third wave of coronavirus which has played havoc in many parts of the world,” he concluded.
