Governor State Bank of Pakistan (SBP) Dr. Raza Baqir said developments in the coronavirus disease (COVID-19) had slowed but not derailed the country’s economy’s recovery process.
Addressing a webinar, the governor said the pre-COVID performance by Pakistan on the economic front had helped to contain the huge damage that could otherwise have been done.
He said, “The pre-COVID improvements in fundamentals, the prudent policy response during COVID, and fully funded external and fiscal positions support resilience.”
He said that before COVID-19, significant improvement was reported in the country’s external and fiscal fundamentals, current account deficit decreased unprecedently, foreign exchange reserves had increased, fiscal deficit had decreased, and tax revenues were on the upward trajectory, while Pakistan’s stock exchange performance was extraordinary.
“Proactive and prudent fiscal and monetary policy measures, in coordination with international financial institutions have also been helping to cushion the impact of COVID-19,” he added.