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Pakistani is out of economic crisis: SBP governor

Karachi: Governor of the State Bank of Pakistan Tariq Bajwa stated that country has come out of the financial crisis with the assistance of friendly countries and the economy is set back to its track.

While talking at a private university in Lahore on Monday, Governor SBP said uncertainty in the economy has comes to an end. The government, he said, is set back to the right track and is capable of meeting all economic challenges.

Governor while talking about the current account deficit, that had hit the economy very badly and had disturbed the whole financial year.

The new government led by PM Imran Khan saw this as a challenge and visited friendly countries like China, Saudi Arabia, the UAE, Malaysia and Turkey to seek investment and managed to gain financial help to fill the external deficit gap.

Mr Bajwa said that we have come up with a plan to eradicate account deficit and the work in this regard was in progress. He expressed that account deficit was the biggest economic challenged for the new government.

He said the government did not hot the limit of borrowing from SBP. It had borrowed Rs3 trillion from the central bank and returned Rs2tr, he added.

Latest SBP report tells , the private sector lending money has doubled from July 1 to Feb 8 to Rs571 billion from Rs264bn in the same period of the last financial year.

The SBP governor said the cases that involved Rs 600bn were pending in banking courts.

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