LETTER: The International Monetary Fund (IMF) appears optimistic about Pakistan's economic recovery prospects. It is, of course, a highly positive forecast insofar as the country's economic growth is concerned. According to a Business Recorder news item "Gradual recovery likely as economy reopens: IMF", the IMF in its updated report "Policy Actions Taken by Countries" has reviewed various steps Pakistan has taken since March to deal with the Covid-19 crisis. "The report stated that SBP has responded to the crisis by cutting the policy rate by a cumulative 625 basis points to 7.0 percent since March 17. The SBP has expanded the scope of existing refinancing facilities and introduced three new ones" that include supporting hospitals and medical centers to purchase equipment to detect, contain, and treat COVID-19.
The country's central bank deserves a lot of praise for acting pro-actively in order to help overcome challenges the pandemic had thrown up for the country. Its governor Dr Reza Baqir and his team members have drawn accolades from all sections of society.
Islamabad Bushra Khan
Copyright Business Recorder, 2020
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