Financial crisis is over, economy on right track: SBP governor

KARACHI: In collaboration with the friendly countries, Pakistan has got rid of economic crisis and its economy has been set on the right direction, says State Bank of Pakistan Governor Tariq Bajwa.           

Addressing a ceremony at a  private university in Lahore, Tariq Bajwa said that the alarming bells about Pakistan’s economy had been stopped and added that the current government was capable to meet all economic challenges.

He said that the current government under the leadership of Prime Minister Imran Khan successfully brought the country out of economic crisis with the help of friendly countries including, China, Saudi Arabia, UAE and others.

The SBP governor said that the government had devised a comprehensive plan to eliminate the current account deficit and the work in this regard was in progress. He said that the prevailing government was also in contact with the International Monetary Fund for a bailout package to minimise the current account deficit.

He said that capacity building was being developed to tackle the huge number of pending cases and for their speedy decisions.

Read More: Pakistan receives first tranche of $1bn from UAE

Earlier the State Bank of Pakistan (SBP), on January 24, had received first installment of $1 billion from United Arab Emirates (UAE) to support the country’s financial and monetary policy.

A spokesman of the SBP said that the bank had received first tranche of one billion US dollars from the package of $3 bn, announced by the UAE after visit of Prime Minister Imran Khan.

On January 22, Pakistan and United Arab Emirates (UAE) had reached agreement on $3bn support Package in Abu Dhabi.

On January 25, Pakistan had received the last tranche of one billion dollars as part of the Saudi Arabia bailout package.