Talking about the rise in power tariff coming in the wake of the government's recent decisions the governor of the central bank said that our aim should be to reduce the circular debt.
“The current amendments are a part of a broader process to modernize the central bank in light of latest developments,” he said.
The IMF said that based on its January 2021 projections, banks in the 19 countries sharing the euro would stay broadly resilient to the deep recession in 2020 and the partial recovery this year.
The aggregate capital ratio is projected to decline from 14.7 percent to 13.1 percent by the end of 2021 if policy support is maintained. Indeed no bank will breach the prudential minimum capital requirement of 4.5 percent, even without policy support.
Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves.
Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund.
IMF said that the authorities have taken strong corrective actions to address institutional and technical short-comings that gave rise to the inaccurate information.
IMF Deputy Managing Director Antoinette Sayeh told this in a statement saying the latest payment brought total disbursements under the Extended Fund Facility to $2bn since the program was first approved in July 2019.
As per details, the federal government will bring in an ordinance to meet the IMF requirement, which will eliminate income tax exemption of up to Rs 140 billion for various sectors.