IMF loan To Build Forex Reserves: Shamshad

This news updete by geo.tv




KARACHI: Governor State Bank of Pakistan Dr Shamshad Akhtar has said that the International Monetary Fund has released the first tranche of the loan that will be used to build foreign exchange reserves of the country. Speaking at Larkana Chamber of Commerce and Trade the governor central bank said the bank is formulating a comprehensive policy jointly with the government to control inflation in the country. The banks have provided Rs. 430 billion loans for industrial development in the country, which is 75 billion more than the past loans, Shamshad Akhtar said. She said that the IMF loan will help in economic improvement and to resolve the economic crisis gradually. She also announced to establish a branch of the State Bank in Larkana. “Sindh got miniscule portion of the agriculture loans of Rs. 212 billion issued in the country,” the governor SBP said. “I will encourage agriculture and industrial development in Sindh and bank financing to local traders for rice exports,” Shamshad added.

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