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LAST UPDATED AT: 02 Apr, 2020 - 11:07am

‘Pakistan has already passed through the worst economic stabilisation phase’, Reza Baqir

State Bank of Pakistan is actively helping the growth of small and medium enterprises, that will help economic growth.

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“We can say with confidence that we have put the worst behind us,” stated The State Bank of Pakistan (SBP) Governor, Dr Reza Baqir.

Speaking at The “CEO Summit Asia 2020” in Karachi, he further added, “the business sector has a bright future, as 4.5 per cent growth in the country’s exports during the first half of the current fiscal year is an indication of rising economic output. “

He went on to say, “January statistics of the sales of imports of machinery, cement, and large-scale manufacturing, shows an upward movement; but we do need efforts for reforms in the public sector to achieve growth in the private sector

Following are the SBP’s priorities:

  • State Bank of Pakistan is actively helping the growth of small and medium enterprises, that will help economic growth.
  • State Bank of Pakistan will ensure that SMEs procure financing from the banks.
Another point to be noted is that Pakistan’s export growth went up by 4.5 per cent during the first half of the current fiscal year as compared to several regional countries that were all on the decline.

India: -2.3%
Thailand: -2.5%
Srilanka: -3.6%
Indonesia: -5.0%
Malaysia: -6.0%
Bangladesh: -7.0%

Dr Baqir also added The State Bank of Pakistan is going to be launching a micro-payment gateway soon for digital transactions. This will help local businesses reach out to international markets.

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