Tariq Bajwa, governor of the State Bank of Pakistan, has on Wednesday said Pakistan has overcome its financial crisis with the financial help of its friendly nations, as well as the economy has been settled up to the right path.
According to Dawn news reports, while speaking at a private university on Monday in Lahore, Bajwa said the uncertainty in Islamabad’s economy has been banished. Pakistan government was on the right path, he said, and that it was now capable of meeting all of its economic challenges.
Pakistan’s Prime Minister Imran Khan has visited Turkey, Malaysia, the United Arab Emirates and Saudia Arabia seeking investment and managed to get financial assistance from those countries to bridge the external deficit.
Bajwa said the plan had been prepared in order to eliminate the current Pak’s account deficit and the work regarding this purpose was in progress. Bajwa also said the deficit was one of the biggest hurdles for Islamabad and the government was still trying to negotiate with the IMF for a package to decrease the country’s deficit.
He said the government has not crossed any of the limits for borrowing from the Bank (SBP). Till far it had borrowed about $3 trillion from the central bank and had returned about $2 trillion.
The SBP governor said the cases involving Rs600bn were pending in banking courts. He said the capacity building was being developed to deal with the huge number of pending cases and for their quick decisions.