IMF package to pave way for economic stability: Shamshad

State Bank of Pakistan Governor Dr Shamshad Akhtar said here on Tuesday that the rescue package of the International Monitoring Fund (IMF) would help in maintaining economic stability in the country.
In her presentation on 'Economic Scenario of Pakistan', organised by Sindh Development Study Centre, University of Sindh, Jamshoro, she said that Pakistan was not the only country seeking help from IMF for its economic stability. Other countries have also approached the donor agencies for the same purpose, she said replying to a question following her lecture.
To stabilise the economy of the country, the micro credit stabilisation package worth Rs 26 billion was being introduced, she said. She said that withdrawal of subsidy on various items had brought significant change in the country's economy. The income to be received through privatisation would also help in stabilising the economy, she added.
The Governor said that lowering of oil prices along with edible oil and other food items in the international market was also helping in the recovery of the country' economy. However, she added, there was still need to take effective measures for further improving the situation.
She said that the State Bank of Pakistan has released Rs 320 billion to commercial banks, while efforts were underway to make changes in the exchange policy with the objective to make it sounder. She denied sealing of any account, and said that rumours regarding instability of the economy held no roots.
Dr Akhtar said that banking sector was intact, and any company found in violation of the rules and regulations would be penalised according to law. Earlier, in her lecture she spoke at length about the economic condition of the country, devaluation of rupee and efforts being made by the government in bringing out the country of the economic crisis.
She also replied to the queries from the audience, quoting current statistics pertaining to the situation not only in Pakistan, but other also in other countries of the world. Sindh University Vice Chancellor Dr Mazhar-ul-Haq Siddiqui and Dean of the Faculty of Social Science Professor Iqbal Panhwar also addressed the participants.