Hi Friends welcome To Pakistanwap.Com.pk, The International Monetary Fund (IMF) Executive Board will convene on August 25, 2022, to decide whether to revive the $7 billion programme with an immediate release of $1.2 billion.
Dr. Aisha Ghaus Pasha, State Minister of Finance, disclosed this at a recent Senate Standing Committee on Finance meeting. The selection of the Governor of the State Bank of Pakistan (SBP) will be completed in less than a week, the minister added.
Mohsin Aziz slammed the current government for the economic meltdown, especially, the deprecation of the Pakistani rupee. He said that the rupee stood at Rs. 240 against the dollar. This caused the import prices to rise, shutting down many industries such as Toyota. He demanded that the Finance Minister appear before the committee to explain the turmoil as the rupee continues to fall.
Dr. Aisha responded that the incumbent government had reduced the import bill to less than $5 billion for July, which was going to bring stability to the falling currency. She added that in addition to lowering imports, the government was strengthening the exports. This would result in a higher inflow of dollars compared to the outflow and stop the freefall of the rupee.
She explained that the price of the dollar had increased by 20 percent, and 12 percent of the decline in the value of the Pakistani rupee was caused by this hike. She said that the price of the dollar was affected by the increase in interest rates in the USA, as well as the high demand for the currency.
To bring stability to the currency, Pakistan has arranged $2.3 billion from China and talks are underway with other countries as well. Funding from the World Bank and the Asian Development Bank would also be provided soon, she added.