Pak economy in right direction despite uncertainty: Reza Baqir

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KARACHI: The economy is facing with a number of problems and uncertainty but the situation is changing, said State Bank of Pakistan (SBP) Governor Reza Baqir on Wednesday while addressing the flag hoisting ceremony held at the State Bank Building to celebrate the country’s 73rd Independence Day.

Baqir admitted that the economy is weak, unemployment is rising and inflation is moving upwards but the country is heading in the right direction. “I assure you that we are in right direction and if we continue to move in this direction with commitment, we will surely achieve the prosperity, development and the targets set by the government,” the governor said.

He said the economic team is working on a plan to strengthen the economy. “The plan will help achieve economic development and benefit the low-income and middle class segments of the population.

He emphasised that our biggest challenge is to bring continuity in our policies and if we succeed to bring continuity in policies, I have no doubt that the country’s future is bright. The government has initiated a reform package but the move has affected general public as they bear the brunt of rising inflation which has already scaled new peaks.

Further, the policy interest rate has climbed to 13.25 per cent affecting various segments in the economy. On the other hand, incumbent government’s strategies to increase revenue though new measures coupled with unbridled inflation have pushed up interest rates.

Resultantly, the rising rates have created uncertainty. At the same time, the ongoing tussle between the government and trade bodies has further escalated the situation.

The governor realised the situation and expressed hope while assuring the nation that economy will improve. Baqir’s speech was full of hopes and assurances for prosperity and development of the economy.