KARACHI: State Bank of Pakistan (SBP) Acting Governor Dr. Murtaza Syed has denied that the country is headed for economic collapse, saying Pakistan is not insecure as perceived during the current global inflation. is going.
Dr Murtaza Syed said during a podcast organized by the State Bank that Pakistan is safe from economic collapse 'because we have the cover of the International Monetary Fund (IMF).
He gave the examples of countries like Ghana, Zambia, Tunisia and Angola and said that they will suffer economically due to not being included in the IMF program. Acting Governor Dr. Murtaza Syed said that other countries whose No IMF program will be adversely affected by rising global inflation over the next 12 months.
Concerns about Pakistan's troubled economy have grown as the rupee has depreciated nearly 8 percent against the US dollar in the past business week, with foreign exchange reserves below $10 billion and inflation at a is at its highest level in more than a decade.
Financing needs of 33.5 billion dollars are met.
Earlier, State Bank Acting Governor Dr. Murtaza Syed said that Pakistan's need for external financing of 33.5 billion dollars for the fiscal year 2022-23 has been met, while the unnecessary concerns of the market regarding the financial situation for a few weeks. I will be finished.
According to the British news agency, Dr. Murtaza Syed said in an e-mail reply that our external financing needs for the next 12 months have been met due to the ongoing program with the IMF, following the recent staff level agreement with the IMF. The review meeting will play an important role in removing Pakistan from the list of weak countries while most of the countries do not have the support of the IMF.
Rejecting these concerns, he said that Pakistan's debt situation, which is an important point for the markets, is much better than other weak countries with debts, Pakistan's external debt is less. Comparing it to the recently bankrupt Sri Lanka, he said that as external pressure came, Pakistan tightened monetary policy and allowed the rupee to depreciate.
We hope that in the coming weeks, the truth will emerge and unnecessary fears regarding Pakistan will end. Sri Lanka's financial situation is worse than that of Pakistan.
