The State Bank of Pakistan has issued its annual report for the 2023-24 fiscal year, highlighting improvements in Pakistan’s economic conditions. According to the report, the stabilization of policies and successful progress with the IMF played a significant role in this recovery. The increase in the country’s agricultural output also contributed positively to economic outcomes. The IMF agreement facilitated the inflow of funds from bilateral sources, further strengthening the economy. The policy rate remained steady at 22% throughout most of the fiscal year.
However, several challenges continue to impede sustained economic stability, including difficulties in the business environment and risks posed by climate change. The report also noted that the IMF agreement has bolstered Pakistan’s external account position. Meanwhile, inflation in advanced economies is showing signs of easing, as per the central bank’s observations.
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