 Murtaza Syed has said that the coming 12 months will be tough for the global economy.){kind=link}
Karachi: Interim Governor of State Bank of Pakistan (SBP) Murtaza Syed has said that the coming 12 months will be tough for the global economy due to the increase in global commodity prices.
According to facts, interim SBP Chairman Syed Murataz has said that the coming year would be harsh on the global economy due to an upsurge in commodity prices. Pakistan’s economy is not as bad as people are approximating, he added.
He said that Pakistan’s debt to GDP ratio is 70%, though the foreign debt to GDP ratio is 40%. Pakistan’s internal debt is substantial, but controlling them is calmer, he added.
The countries that get the IMF program will be safe from the future economic hardships.
Furthermore, Deputy Governor SBP Inayat Hussain told that Pakistan’s foreign reserves are presently at $9.30 billion. The foreign reserves are not satisfactory as they should be enough for three months’ foreign payments but they are not as bad as predictable, he added.
The Deputy Governor added that Pakistan will fulfil its need for dollars for the existing year. Pakistan also has gold reserves of $3.80 billion, which are not included in the foreign reserves, he added.
Economic circumstances are under control, we would not need to cash our gold reserves, he certain. The PKR has diminished by around 18% since December.