Islamabad: Federal Minister for Planning, Development and Special Initiatives Asad Umar on Thursday said that the current deal with the International Monetary Fund (IMF) – under its Extended Fund Facility (EFF) – would be the last one, a news source reported. As per the publication, the minister said that the country’s economy had exhibited a number of ‘green signals’ due to the boost in industrial activity.
Umar said that the inflation had fallen from 14 percent to 12.4 percent and remittances from overseas Pakistanis had increased by 13 percent. The consumption of cement in the country has also increased across the country, he added. The minister said that three special economic zones would be established this year as they made a significant part of the China-Pakistan Economic Corridor (CPEC).
Previously, State Bank of Pakistan (SBP) Governor Reza Baqir had said that the rising foreign exchange reserves might help Pakistan in avoiding IMF’s assistance. He said that the foreign exchange reserves witnessed an increase of PKR 9.5 billion since July 2019.
