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HomeNationalPakistan won't default, will make payments on time: Governor SBP

Pakistan won’t default, will make payments on time: Governor SBP

Government, SBP planning to ease import restrictions in coming days, briefing on SBP podcast

Pakistan will not default and will make all external payments on time, governor SBP has said. He told that the government and SBP were planning to ease import restrictions in the coming days.

Governor SBP said it through the platform podcast of the State Bank of Pakistan. Jamil Ahmed said that Pakistan was currently facing economic problems due to internal and external problems and due to the war between Russia and Ukraine the prices of commodities and oil have increased.

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Jamil Ahmed also said that SBP had planned foreign payments at the beginning of the current fiscal year and the government needed resources of $33 billion to survive the current financial year. He said that the government has to pay a total of $13 billion and it will soon get $ 3 billion from friendly countries.

Governor SBP said that the government has repaid the loans of world banks in addition to paying global Sukuk. He said that there was a strong possibility of extending the repayment of loans of $8 billion, the government has repaid loans of $ 10 billion.

He said that the government has earned $4 billion in five months and the plan of euro bonds was not included in the government’s economic plan. He added that the current account deficit has been reduced to a great extent due to the restrictions imposed on imports.

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The Governor further said that there were imports worth $4.6 billion in October that remained at $5.3 billion in November. He said that there was no ban on the import of oil, gas and medicine raw materials.

Jamil Ahmed said that the LC limit of $50,000 for importers has been increased to $100,000. He said that the import rate remained at 85 percent despite the restrictions.

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