Governor of State Bank of Pakistan (SBP) Jameel Ahmed has promised to get staff level agreement with International Monetary Fund (IMF) soon.
In the meeting of Senate Standing Committee on Finance under the chairmanship of Saleem Mandviwala, Governor State Bank Jameel Ahmed said that the agreement with the IMF will be concluded soon.
State Bank of Pakistan (SBP) Governor Jameel Ahmed gave a briefing to the participants in the meeting of the Upper House Standing Committee on Finance.
The Governor of the Central Bank said that the staff level agreement with the International Monetary Fund (IMF) will be done soon, the matters have entered the final stages.
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State Bank Governor Jameel Ahmad said that the agreement with the IMF has come very close. Arrangements with the International Monetary Fund are being finalised.
In the standing committee co-briefing, the governor said that Pakistan’s foreign exchange reserves have reached 4.3 billion dollars and the foreign exchange reserves will increase further by June 30.
He said that in one month, the foreign exchange reserves have increased by one and a half billion dollars, which made the foreign exchange reserves of the Central Bank 4 billion 30 million dollars.
The central bank governor said that the pressure on financial reserves is due to lack of external financing while external financing has stalled due to the delay in the IMF review.
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Jameel Ahmed said that the financial reserves have decreased due to repayment of loans, but now the matters with the IMF have entered the final stages.
He said that remittances have decreased by 2 billion dollars, which was more than 31 billion dollars in the last financial year, but this year it is estimated to be 29 billion dollars.
Governor State Bank Jameel Ahmad said regarding the inflation that the pressure of inflation will continue for 2 to three months across the country and the average inflation will be 26.5% this year.
Senator Mohsin Aziz said that the government has to stop the smuggling of dollars. Dollars are being trafficked and newborn babies are being used for smuggling.