KARACHI: State Bank Governor Raza Baqir has stated that the country will have to borrow money from overseas if it does not have its own savings.
Speaking at the Feature Summit, SBP Governor Raza Baqir stated, “We are trying our hardest not to take loans from other institutions because we need to focus on our savings.”
According to Raza Baqir, Pakistan’s savings rate is quite low. When a country lacks its own savings, it will be forced to borrow money from outside.
The Governor of SBP stated that SBP is a financial inclusion programme that aims to encourage people to keep their money in banks. Roshan Digital brought in more than 3 billion dollars, outnumbering foreign direct investment.
He stated that the general status of Pakistan in the previous three years, as well as the issue of Corona, are in the public eye all over the world, and that how we handled the national economy during the Corona outbreak in Pakistan, is also in the public eye.
He stated that if Dahgar compared surrounding countries, Pakistan fared better in Corona, which Pakistanis should be pleased with because Pakistan controlled Corona cases, while NCOC’s work should be praised.
He stated that if Dahgar compared surrounding countries, Pakistan fared better in Corona, which Pakistanis should be pleased with because Pakistan controlled Corona cases, while NCOC’s work should be praised.
According to Raza Baqir, the World Bank has praised Pakistan’s Ehsas initiative, and the world has welcomed the Pakistani people’s assistance.
He also stated that, notwithstanding the bubble, economic fundamentals are improving, despite the budget and current account deficits. The country’s net reserves have improved, notwithstanding Corona.
