1/5) Crises in #emergingmarkets are often rooted in a few key #macroeconomic imbalances and can manifest in similar ways. But there is no one-size-fits-all model for managing crises. | Mr. Athanasios Arvanitis of #IMF| Watch his full remarks here:
2/5) #IMF focuses on different dimensions while assisting a country in developing a homegrown stabilization program. Watch his full remarks here:
3/5) The approach emphasizes the need to diagnose the roots of a country’s crisis, trends & developments in the balance sheets of various #economic agents & their interconnectedness, &country-specific dynamics that affect the political #economy of reforms:
4/5) In designing stabilization programs, country ownership and measures to provide support for vulnerable segments of the population are vital. Watch his full remarks here:
5/5)It is imp for #Pakistan govt to focus on meeting Sustainable Development Goals under UN’s 2030 Agenda. Ongoing fiscal reforms will not only put Pakistan’s public debt path on sustainable footing but also build the foundation for providing crucial funding to meet these targets
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1/5 SBP Clarification: The provisional estimate for FY21 growth of 3.94 percent released by the National Accounts Committee (NAC) yesterday reflects the strong economic recovery underway since the beginning of this fiscal year,
2/5 which has been highlighted in recent monetary policy statements and quarterly reports of the SBP.
SBP had raised its own growth forecast in March on the basis of buoyant economic activity reflected in different high frequency data.
3/5 This was done in an appropriately conservative manner while noting upside risks to growth. Data received since then, and discussed in the NAC, suggest these upside risks have materialized.
1/4 In August, workers’ remittances remained strong at $2.095 billion. They exceeded $2 billion for the third consecutive time since May, reaching an unprecedented level of $7.3 billion over a three-month period. Details: sbp.org.pk/press/2020/Pr-…
2/4 Remittances increased by 24.4 percent (y/y) in August and 37.2 (y/y) during June-August. This is largely in line with SBP projections.
3/4 The continued strength in remittances reflects the impact of various efforts of SBP and GoP to incentivize inflows through formal channels and the gradual reopening of businesses in major corridors of the Middle East, Europe and United States.
1/4 Overseas Pakistanis sent a record $2768 mn in July, an increase of $740 mn (or 36.5%) over last July and an increase of $302 mn (or 12.2%) over June. This is the highest ever recorded workers’ remittances in a single month. For details: sbp.org.pk/press/2020/Pr-…
2/4 July’s strong yearly growth rate is around twice as high as the Eid-ul-Adha related seasonality typically experienced over the last decade, suggesting other factors are at play.
3/4 Since the global outbreak of Corona in February 2020, remittances have increased by 14.3 percent compared to the same period last year.
2/5 The Report finds that necessary stabilization fostered significant macroeconomic improvement and helped build buffers. These improvements provided valuable space to respond to the downturn since late March 2020 due to #COVID19, through timely fiscal and monetary stimulus.
3/5 Major progress had been made during Jul-Feb FY20 in curbing Pakistan’s fiscal and current account deficits. This was reflected in strong revenue growth, the historic and smooth policy shift to a market-determined exchange rate, and the significant build-up in forex reserves.
1/6 Governor #SBP shares with Chambers of Commerce the measures to enhance utilization of Risk Sharing Facility under SBP’s Rozgar Scheme. For details: sbp.org.pk/press/2020/Pr-…
2/6 Governor shared the data of SBP’s major refinance schemes & relief package. He also gave details on the financing availed by both corporates and SMEs under its Rozgar Scheme and Risk Sharing Facility provided by the government.
3/6 As of 05th June 2020, banks have approved requests amounting to Rs 21bn for SMEs and small corporate to support payment of salaries & wages to their workers and employees.
1/4 By 15May20, Rs432 bn of principal repayments of loans have been deferred as part of the principal deferment scheme introduced by SBP in collaboration with the PBA. Around 600,000 borrowers have benefitted from this scheme and over Rs59 bn has been restructured/rescheduled.
2/4 Majority of the beneficiaries in the loan deferment/restructuring are microfinance borrowers who benefitted to the tune of Rs 37 billion.
3/4 Currently over 100,000 requests are being processed by the banks for deferment and restructuring/rescheduling.